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I wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.
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[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire."
] |
>
Don't save, invest. Banks stopped giving noticeable interest during the 2008 recession.
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[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in."
] |
>
Me reading this with $17 in my bank account.
Chuckles
I'm in danger.jpg
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession."
] |
>
Shit.
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg"
] |
>
I'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.
My parents just ended their careers with much more than that, and I'm not getting a dime.
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit."
] |
>
To get there, you need to invest $350/month for your working life.
The average car payment in the US is $700 for new cars, $525 for used ones.
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime."
] |
>
Idk about that.
Assuming 10% annual return, after taxes your left with around 6,000$ a month.
You’d need your house to be paid off.
This also assumes your not reinvesting it.
I think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones."
] |
>
It would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation."
] |
>
If you’re 401k is providing 6k you definitely won’t be getting full 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.",
">\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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total"
] |
>
Well how about that, thanks. I had no idea
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security"
] |
>
and?
Do the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 "work", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).
Why is this news? Can people just not do math? Do they not realize how little $1.25 million is?
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea"
] |
>
You’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that 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.",
">\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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?"
] |
>
$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 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.",
">\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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much."
] |
>
Eh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million"
] |
>
Not to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry"
] |
>
This is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to 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.",
">\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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area."
] |
>
So, 10 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?",
">\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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?"
] |
>
Ever heard about México?
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?"
] |
>
Thought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new 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",
">\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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?"
] |
>
Why is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here."
] |
>
Retire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living"
] |
>
By my calculations, this is correct.
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂"
] |
>
Yeah, okay.
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct."
] |
>
In USA. Retiring somewhere else is much cheaper.
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay."
] |
>
Lol I'm definitely doing something crazy then, I guess
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper."
] |
>
Ya, I'm going to need a nice bottle of whiskey and a cold night. That's my 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.",
">\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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess"
] |
>
Those Americans not in California
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement."
] |
>
I’ve already accepted that I’m probably going to work until I’m dead.
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California"
] |
>
You know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead."
] |
>
I assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either 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?",
">\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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding."
] |
>
not if you eat poorly and die of obesity related disease like I plan to
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way."
] |
>
We all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to"
] |
>
Or just not 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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early."
] |
>
Anyone want to link up and shoot me while I shoot you so it's not technically suicide?
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.",
">\n\nOr just not retire."
] |
>
What train and what 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",
">\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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.",
">\n\nOr just not retire.",
">\n\nAnyone want to link up and shoot me while I shoot you so it's not technically suicide?"
] |
>
March 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.",
">\n\nOr just not retire.",
">\n\nAnyone want to link up and shoot me while I shoot you so it's not technically suicide?",
">\n\nWhat train and what time?"
] |
>
Add in the cost of putting kids through college and...we're 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",
">\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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.",
">\n\nOr just not retire.",
">\n\nAnyone want to link up and shoot me while I shoot you so it's not technically suicide?",
">\n\nWhat train and what time?",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs."
] |
>
Sounds about right. More if you need to fund a chronic illness.
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.",
">\n\nOr just not retire.",
">\n\nAnyone want to link up and shoot me while I shoot you so it's not technically suicide?",
">\n\nWhat train and what time?",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nAdd in the cost of putting kids through college and...we're fucked."
] |
>
Try at least $2M
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.",
">\n\nOr just not retire.",
">\n\nAnyone want to link up and shoot me while I shoot you so it's not technically suicide?",
">\n\nWhat train and what time?",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nAdd in the cost of putting kids through college and...we're fucked.",
">\n\nSounds about right. More if you need to fund a chronic illness."
] |
>
Welp..I’m screwed
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.",
">\n\nOr just not retire.",
">\n\nAnyone want to link up and shoot me while I shoot you so it's not technically suicide?",
">\n\nWhat train and what time?",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nAdd in the cost of putting kids through college and...we're fucked.",
">\n\nSounds about right. More if you need to fund a chronic illness.",
">\n\nTry at least $2M"
] |
>
13 years of work and I’m nearly 15% to a comfortable retirement! I’m envisioning the beach now 😎 I wonder what future me is going to do in retirement in 2100.
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.",
">\n\nOr just not retire.",
">\n\nAnyone want to link up and shoot me while I shoot you so it's not technically suicide?",
">\n\nWhat train and what time?",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nAdd in the cost of putting kids through college and...we're fucked.",
">\n\nSounds about right. More if you need to fund a chronic illness.",
">\n\nTry at least $2M",
">\n\nWelp..I’m screwed"
] |
>
Cries in Portuguese* with his 1200€ a month (RN nurse)
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.",
">\n\nOr just not retire.",
">\n\nAnyone want to link up and shoot me while I shoot you so it's not technically suicide?",
">\n\nWhat train and what time?",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nAdd in the cost of putting kids through college and...we're fucked.",
">\n\nSounds about right. More if you need to fund a chronic illness.",
">\n\nTry at least $2M",
">\n\nWelp..I’m screwed",
">\n\n13 years of work and I’m nearly 15% to a comfortable retirement! I’m envisioning the beach now 😎 I wonder what future me is going to do in retirement in 2100."
] |
>
Canadian here. After my parents passed. I really don't see the point. They outlasted me. They got one grandkid from my sister. I never really talk to my siblings. And the last 3 years have been garbage. Christmas, and birthdays spent by myself. 39 years old and just wanting to end it. No future for this guy.
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.",
">\n\nOr just not retire.",
">\n\nAnyone want to link up and shoot me while I shoot you so it's not technically suicide?",
">\n\nWhat train and what time?",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nAdd in the cost of putting kids through college and...we're fucked.",
">\n\nSounds about right. More if you need to fund a chronic illness.",
">\n\nTry at least $2M",
">\n\nWelp..I’m screwed",
">\n\n13 years of work and I’m nearly 15% to a comfortable retirement! I’m envisioning the beach now 😎 I wonder what future me is going to do in retirement in 2100.",
">\n\nCries in Portuguese* with his 1200€ a month (RN nurse)"
] |
>
I don't think I'm having kids
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.",
">\n\nOr just not retire.",
">\n\nAnyone want to link up and shoot me while I shoot you so it's not technically suicide?",
">\n\nWhat train and what time?",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nAdd in the cost of putting kids through college and...we're fucked.",
">\n\nSounds about right. More if you need to fund a chronic illness.",
">\n\nTry at least $2M",
">\n\nWelp..I’m screwed",
">\n\n13 years of work and I’m nearly 15% to a comfortable retirement! I’m envisioning the beach now 😎 I wonder what future me is going to do in retirement in 2100.",
">\n\nCries in Portuguese* with his 1200€ a month (RN nurse)",
">\n\nCanadian here. After my parents passed. I really don't see the point. They outlasted me. They got one grandkid from my sister. I never really talk to my siblings. And the last 3 years have been garbage. Christmas, and birthdays spent by myself. 39 years old and just wanting to end it. No future for this guy."
] |
>
thats why my girl and I are working towards a "settlement" in the future to retire on. a little farm and some animals. our dogs. canning and hunting
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.",
">\n\nOr just not retire.",
">\n\nAnyone want to link up and shoot me while I shoot you so it's not technically suicide?",
">\n\nWhat train and what time?",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nAdd in the cost of putting kids through college and...we're fucked.",
">\n\nSounds about right. More if you need to fund a chronic illness.",
">\n\nTry at least $2M",
">\n\nWelp..I’m screwed",
">\n\n13 years of work and I’m nearly 15% to a comfortable retirement! I’m envisioning the beach now 😎 I wonder what future me is going to do in retirement in 2100.",
">\n\nCries in Portuguese* with his 1200€ a month (RN nurse)",
">\n\nCanadian here. After my parents passed. I really don't see the point. They outlasted me. They got one grandkid from my sister. I never really talk to my siblings. And the last 3 years have been garbage. Christmas, and birthdays spent by myself. 39 years old and just wanting to end it. No future for this guy.",
">\n\nI don't think I'm having kids"
] |
>
Looks like I’ll be uncomfortably working until I drop.
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.",
">\n\nOr just not retire.",
">\n\nAnyone want to link up and shoot me while I shoot you so it's not technically suicide?",
">\n\nWhat train and what time?",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nAdd in the cost of putting kids through college and...we're fucked.",
">\n\nSounds about right. More if you need to fund a chronic illness.",
">\n\nTry at least $2M",
">\n\nWelp..I’m screwed",
">\n\n13 years of work and I’m nearly 15% to a comfortable retirement! I’m envisioning the beach now 😎 I wonder what future me is going to do in retirement in 2100.",
">\n\nCries in Portuguese* with his 1200€ a month (RN nurse)",
">\n\nCanadian here. After my parents passed. I really don't see the point. They outlasted me. They got one grandkid from my sister. I never really talk to my siblings. And the last 3 years have been garbage. Christmas, and birthdays spent by myself. 39 years old and just wanting to end it. No future for this guy.",
">\n\nI don't think I'm having kids",
">\n\nthats why my girl and I are working towards a \"settlement\" in the future to retire on. a little farm and some animals. our dogs. canning and hunting"
] |
>
Sorry if I'm out of touch, but what about this is oniony? I always thought people needed at least 1-2 million in the bank 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.",
">\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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.",
">\n\nOr just not retire.",
">\n\nAnyone want to link up and shoot me while I shoot you so it's not technically suicide?",
">\n\nWhat train and what time?",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nAdd in the cost of putting kids through college and...we're fucked.",
">\n\nSounds about right. More if you need to fund a chronic illness.",
">\n\nTry at least $2M",
">\n\nWelp..I’m screwed",
">\n\n13 years of work and I’m nearly 15% to a comfortable retirement! I’m envisioning the beach now 😎 I wonder what future me is going to do in retirement in 2100.",
">\n\nCries in Portuguese* with his 1200€ a month (RN nurse)",
">\n\nCanadian here. After my parents passed. I really don't see the point. They outlasted me. They got one grandkid from my sister. I never really talk to my siblings. And the last 3 years have been garbage. Christmas, and birthdays spent by myself. 39 years old and just wanting to end it. No future for this guy.",
">\n\nI don't think I'm having kids",
">\n\nthats why my girl and I are working towards a \"settlement\" in the future to retire on. a little farm and some animals. our dogs. canning and hunting",
">\n\nLooks like I’ll be uncomfortably working until I drop."
] |
>
Save more, spend less, or die sooner. We have the luxury of options.
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.",
">\n\nOr just not retire.",
">\n\nAnyone want to link up and shoot me while I shoot you so it's not technically suicide?",
">\n\nWhat train and what time?",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nAdd in the cost of putting kids through college and...we're fucked.",
">\n\nSounds about right. More if you need to fund a chronic illness.",
">\n\nTry at least $2M",
">\n\nWelp..I’m screwed",
">\n\n13 years of work and I’m nearly 15% to a comfortable retirement! I’m envisioning the beach now 😎 I wonder what future me is going to do in retirement in 2100.",
">\n\nCries in Portuguese* with his 1200€ a month (RN nurse)",
">\n\nCanadian here. After my parents passed. I really don't see the point. They outlasted me. They got one grandkid from my sister. I never really talk to my siblings. And the last 3 years have been garbage. Christmas, and birthdays spent by myself. 39 years old and just wanting to end it. No future for this guy.",
">\n\nI don't think I'm having kids",
">\n\nthats why my girl and I are working towards a \"settlement\" in the future to retire on. a little farm and some animals. our dogs. canning and hunting",
">\n\nLooks like I’ll be uncomfortably working until I drop.",
">\n\nSorry if I'm out of touch, but what about this is oniony? I always thought people needed at least 1-2 million in the bank to retire"
] |
>
I'd go with 3 mill safely so I'd get at least 1k a week to spend
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.",
">\n\nOr just not retire.",
">\n\nAnyone want to link up and shoot me while I shoot you so it's not technically suicide?",
">\n\nWhat train and what time?",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nAdd in the cost of putting kids through college and...we're fucked.",
">\n\nSounds about right. More if you need to fund a chronic illness.",
">\n\nTry at least $2M",
">\n\nWelp..I’m screwed",
">\n\n13 years of work and I’m nearly 15% to a comfortable retirement! I’m envisioning the beach now 😎 I wonder what future me is going to do in retirement in 2100.",
">\n\nCries in Portuguese* with his 1200€ a month (RN nurse)",
">\n\nCanadian here. After my parents passed. I really don't see the point. They outlasted me. They got one grandkid from my sister. I never really talk to my siblings. And the last 3 years have been garbage. Christmas, and birthdays spent by myself. 39 years old and just wanting to end it. No future for this guy.",
">\n\nI don't think I'm having kids",
">\n\nthats why my girl and I are working towards a \"settlement\" in the future to retire on. a little farm and some animals. our dogs. canning and hunting",
">\n\nLooks like I’ll be uncomfortably working until I drop.",
">\n\nSorry if I'm out of touch, but what about this is oniony? I always thought people needed at least 1-2 million in the bank to retire",
">\n\nSave more, spend less, or die sooner. We have the luxury of options."
] |
>
March 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.",
">\n\nOr just not retire.",
">\n\nAnyone want to link up and shoot me while I shoot you so it's not technically suicide?",
">\n\nWhat train and what time?",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nAdd in the cost of putting kids through college and...we're fucked.",
">\n\nSounds about right. More if you need to fund a chronic illness.",
">\n\nTry at least $2M",
">\n\nWelp..I’m screwed",
">\n\n13 years of work and I’m nearly 15% to a comfortable retirement! I’m envisioning the beach now 😎 I wonder what future me is going to do in retirement in 2100.",
">\n\nCries in Portuguese* with his 1200€ a month (RN nurse)",
">\n\nCanadian here. After my parents passed. I really don't see the point. They outlasted me. They got one grandkid from my sister. I never really talk to my siblings. And the last 3 years have been garbage. Christmas, and birthdays spent by myself. 39 years old and just wanting to end it. No future for this guy.",
">\n\nI don't think I'm having kids",
">\n\nthats why my girl and I are working towards a \"settlement\" in the future to retire on. a little farm and some animals. our dogs. canning and hunting",
">\n\nLooks like I’ll be uncomfortably working until I drop.",
">\n\nSorry if I'm out of touch, but what about this is oniony? I always thought people needed at least 1-2 million in the bank to retire",
">\n\nSave more, spend less, or die sooner. We have the luxury of options.",
">\n\nI'd go with 3 mill safely so I'd get at least 1k a week to spend"
] |
>
That’s about 35k a year from age 65 to 100
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.",
">\n\nOr just not retire.",
">\n\nAnyone want to link up and shoot me while I shoot you so it's not technically suicide?",
">\n\nWhat train and what time?",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nAdd in the cost of putting kids through college and...we're fucked.",
">\n\nSounds about right. More if you need to fund a chronic illness.",
">\n\nTry at least $2M",
">\n\nWelp..I’m screwed",
">\n\n13 years of work and I’m nearly 15% to a comfortable retirement! I’m envisioning the beach now 😎 I wonder what future me is going to do in retirement in 2100.",
">\n\nCries in Portuguese* with his 1200€ a month (RN nurse)",
">\n\nCanadian here. After my parents passed. I really don't see the point. They outlasted me. They got one grandkid from my sister. I never really talk to my siblings. And the last 3 years have been garbage. Christmas, and birthdays spent by myself. 39 years old and just wanting to end it. No future for this guy.",
">\n\nI don't think I'm having kids",
">\n\nthats why my girl and I are working towards a \"settlement\" in the future to retire on. a little farm and some animals. our dogs. canning and hunting",
">\n\nLooks like I’ll be uncomfortably working until I drop.",
">\n\nSorry if I'm out of touch, but what about this is oniony? I always thought people needed at least 1-2 million in the bank to retire",
">\n\nSave more, spend less, or die sooner. We have the luxury of options.",
">\n\nI'd go with 3 mill safely so I'd get at least 1k a week to spend",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs."
] |
>
Realistically, the only way most Americans can retire (if nothing changes) is to retire in a cheaper country. Retirement immigration is going to be a big thing. America is not going to be well equip to take care of wealthily retirees let alone poor ones.
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.",
">\n\nOr just not retire.",
">\n\nAnyone want to link up and shoot me while I shoot you so it's not technically suicide?",
">\n\nWhat train and what time?",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nAdd in the cost of putting kids through college and...we're fucked.",
">\n\nSounds about right. More if you need to fund a chronic illness.",
">\n\nTry at least $2M",
">\n\nWelp..I’m screwed",
">\n\n13 years of work and I’m nearly 15% to a comfortable retirement! I’m envisioning the beach now 😎 I wonder what future me is going to do in retirement in 2100.",
">\n\nCries in Portuguese* with his 1200€ a month (RN nurse)",
">\n\nCanadian here. After my parents passed. I really don't see the point. They outlasted me. They got one grandkid from my sister. I never really talk to my siblings. And the last 3 years have been garbage. Christmas, and birthdays spent by myself. 39 years old and just wanting to end it. No future for this guy.",
">\n\nI don't think I'm having kids",
">\n\nthats why my girl and I are working towards a \"settlement\" in the future to retire on. a little farm and some animals. our dogs. canning and hunting",
">\n\nLooks like I’ll be uncomfortably working until I drop.",
">\n\nSorry if I'm out of touch, but what about this is oniony? I always thought people needed at least 1-2 million in the bank to retire",
">\n\nSave more, spend less, or die sooner. We have the luxury of options.",
">\n\nI'd go with 3 mill safely so I'd get at least 1k a week to spend",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nThat’s about 35k a year from age 65 to 100"
] |
>
Is that including the cost of housing?
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.",
">\n\nOr just not retire.",
">\n\nAnyone want to link up and shoot me while I shoot you so it's not technically suicide?",
">\n\nWhat train and what time?",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nAdd in the cost of putting kids through college and...we're fucked.",
">\n\nSounds about right. More if you need to fund a chronic illness.",
">\n\nTry at least $2M",
">\n\nWelp..I’m screwed",
">\n\n13 years of work and I’m nearly 15% to a comfortable retirement! I’m envisioning the beach now 😎 I wonder what future me is going to do in retirement in 2100.",
">\n\nCries in Portuguese* with his 1200€ a month (RN nurse)",
">\n\nCanadian here. After my parents passed. I really don't see the point. They outlasted me. They got one grandkid from my sister. I never really talk to my siblings. And the last 3 years have been garbage. Christmas, and birthdays spent by myself. 39 years old and just wanting to end it. No future for this guy.",
">\n\nI don't think I'm having kids",
">\n\nthats why my girl and I are working towards a \"settlement\" in the future to retire on. a little farm and some animals. our dogs. canning and hunting",
">\n\nLooks like I’ll be uncomfortably working until I drop.",
">\n\nSorry if I'm out of touch, but what about this is oniony? I always thought people needed at least 1-2 million in the bank to retire",
">\n\nSave more, spend less, or die sooner. We have the luxury of options.",
">\n\nI'd go with 3 mill safely so I'd get at least 1k a week to spend",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nThat’s about 35k a year from age 65 to 100",
">\n\nRealistically, the only way most Americans can retire (if nothing changes) is to retire in a cheaper country. Retirement immigration is going to be a big thing. America is not going to be well equip to take care of wealthily retirees let alone poor ones."
] |
>
This was very realistic goal to reach when marriage was still a thing in the US. Two people with a combined income and good financial discipline can make this but now that marriage is pretty much a bad deal for mainly men there are going to be a lot of elderly homeless people in the future.
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.",
">\n\nOr just not retire.",
">\n\nAnyone want to link up and shoot me while I shoot you so it's not technically suicide?",
">\n\nWhat train and what time?",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nAdd in the cost of putting kids through college and...we're fucked.",
">\n\nSounds about right. More if you need to fund a chronic illness.",
">\n\nTry at least $2M",
">\n\nWelp..I’m screwed",
">\n\n13 years of work and I’m nearly 15% to a comfortable retirement! I’m envisioning the beach now 😎 I wonder what future me is going to do in retirement in 2100.",
">\n\nCries in Portuguese* with his 1200€ a month (RN nurse)",
">\n\nCanadian here. After my parents passed. I really don't see the point. They outlasted me. They got one grandkid from my sister. I never really talk to my siblings. And the last 3 years have been garbage. Christmas, and birthdays spent by myself. 39 years old and just wanting to end it. No future for this guy.",
">\n\nI don't think I'm having kids",
">\n\nthats why my girl and I are working towards a \"settlement\" in the future to retire on. a little farm and some animals. our dogs. canning and hunting",
">\n\nLooks like I’ll be uncomfortably working until I drop.",
">\n\nSorry if I'm out of touch, but what about this is oniony? I always thought people needed at least 1-2 million in the bank to retire",
">\n\nSave more, spend less, or die sooner. We have the luxury of options.",
">\n\nI'd go with 3 mill safely so I'd get at least 1k a week to spend",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nThat’s about 35k a year from age 65 to 100",
">\n\nRealistically, the only way most Americans can retire (if nothing changes) is to retire in a cheaper country. Retirement immigration is going to be a big thing. America is not going to be well equip to take care of wealthily retirees let alone poor ones.",
">\n\nIs that including the cost of housing?"
] |
>
lmao imagine thinking marriage is a bad deal for men.
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.",
">\n\nOr just not retire.",
">\n\nAnyone want to link up and shoot me while I shoot you so it's not technically suicide?",
">\n\nWhat train and what time?",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nAdd in the cost of putting kids through college and...we're fucked.",
">\n\nSounds about right. More if you need to fund a chronic illness.",
">\n\nTry at least $2M",
">\n\nWelp..I’m screwed",
">\n\n13 years of work and I’m nearly 15% to a comfortable retirement! I’m envisioning the beach now 😎 I wonder what future me is going to do in retirement in 2100.",
">\n\nCries in Portuguese* with his 1200€ a month (RN nurse)",
">\n\nCanadian here. After my parents passed. I really don't see the point. They outlasted me. They got one grandkid from my sister. I never really talk to my siblings. And the last 3 years have been garbage. Christmas, and birthdays spent by myself. 39 years old and just wanting to end it. No future for this guy.",
">\n\nI don't think I'm having kids",
">\n\nthats why my girl and I are working towards a \"settlement\" in the future to retire on. a little farm and some animals. our dogs. canning and hunting",
">\n\nLooks like I’ll be uncomfortably working until I drop.",
">\n\nSorry if I'm out of touch, but what about this is oniony? I always thought people needed at least 1-2 million in the bank to retire",
">\n\nSave more, spend less, or die sooner. We have the luxury of options.",
">\n\nI'd go with 3 mill safely so I'd get at least 1k a week to spend",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nThat’s about 35k a year from age 65 to 100",
">\n\nRealistically, the only way most Americans can retire (if nothing changes) is to retire in a cheaper country. Retirement immigration is going to be a big thing. America is not going to be well equip to take care of wealthily retirees let alone poor ones.",
">\n\nIs that including the cost of housing?",
">\n\nThis was very realistic goal to reach when marriage was still a thing in the US. Two people with a combined income and good financial discipline can make this but now that marriage is pretty much a bad deal for mainly men there are going to be a lot of elderly homeless people in the future."
] |
>
I recommend going to your local family courthouse and spend a few hours listening to the people who appear in front of the judges there and you can form your own opinion especially when it comes to custody of kids.
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.",
">\n\nOr just not retire.",
">\n\nAnyone want to link up and shoot me while I shoot you so it's not technically suicide?",
">\n\nWhat train and what time?",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nAdd in the cost of putting kids through college and...we're fucked.",
">\n\nSounds about right. More if you need to fund a chronic illness.",
">\n\nTry at least $2M",
">\n\nWelp..I’m screwed",
">\n\n13 years of work and I’m nearly 15% to a comfortable retirement! I’m envisioning the beach now 😎 I wonder what future me is going to do in retirement in 2100.",
">\n\nCries in Portuguese* with his 1200€ a month (RN nurse)",
">\n\nCanadian here. After my parents passed. I really don't see the point. They outlasted me. They got one grandkid from my sister. I never really talk to my siblings. And the last 3 years have been garbage. Christmas, and birthdays spent by myself. 39 years old and just wanting to end it. No future for this guy.",
">\n\nI don't think I'm having kids",
">\n\nthats why my girl and I are working towards a \"settlement\" in the future to retire on. a little farm and some animals. our dogs. canning and hunting",
">\n\nLooks like I’ll be uncomfortably working until I drop.",
">\n\nSorry if I'm out of touch, but what about this is oniony? I always thought people needed at least 1-2 million in the bank to retire",
">\n\nSave more, spend less, or die sooner. We have the luxury of options.",
">\n\nI'd go with 3 mill safely so I'd get at least 1k a week to spend",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nThat’s about 35k a year from age 65 to 100",
">\n\nRealistically, the only way most Americans can retire (if nothing changes) is to retire in a cheaper country. Retirement immigration is going to be a big thing. America is not going to be well equip to take care of wealthily retirees let alone poor ones.",
">\n\nIs that including the cost of housing?",
">\n\nThis was very realistic goal to reach when marriage was still a thing in the US. Two people with a combined income and good financial discipline can make this but now that marriage is pretty much a bad deal for mainly men there are going to be a lot of elderly homeless people in the future.",
">\n\nlmao imagine thinking marriage is a bad deal for men."
] |
>
The solution is to go back in time to eliminate social security and medicare before they're started.
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.",
">\n\nOr just not retire.",
">\n\nAnyone want to link up and shoot me while I shoot you so it's not technically suicide?",
">\n\nWhat train and what time?",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nAdd in the cost of putting kids through college and...we're fucked.",
">\n\nSounds about right. More if you need to fund a chronic illness.",
">\n\nTry at least $2M",
">\n\nWelp..I’m screwed",
">\n\n13 years of work and I’m nearly 15% to a comfortable retirement! I’m envisioning the beach now 😎 I wonder what future me is going to do in retirement in 2100.",
">\n\nCries in Portuguese* with his 1200€ a month (RN nurse)",
">\n\nCanadian here. After my parents passed. I really don't see the point. They outlasted me. They got one grandkid from my sister. I never really talk to my siblings. And the last 3 years have been garbage. Christmas, and birthdays spent by myself. 39 years old and just wanting to end it. No future for this guy.",
">\n\nI don't think I'm having kids",
">\n\nthats why my girl and I are working towards a \"settlement\" in the future to retire on. a little farm and some animals. our dogs. canning and hunting",
">\n\nLooks like I’ll be uncomfortably working until I drop.",
">\n\nSorry if I'm out of touch, but what about this is oniony? I always thought people needed at least 1-2 million in the bank to retire",
">\n\nSave more, spend less, or die sooner. We have the luxury of options.",
">\n\nI'd go with 3 mill safely so I'd get at least 1k a week to spend",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nThat’s about 35k a year from age 65 to 100",
">\n\nRealistically, the only way most Americans can retire (if nothing changes) is to retire in a cheaper country. Retirement immigration is going to be a big thing. America is not going to be well equip to take care of wealthily retirees let alone poor ones.",
">\n\nIs that including the cost of housing?",
">\n\nThis was very realistic goal to reach when marriage was still a thing in the US. Two people with a combined income and good financial discipline can make this but now that marriage is pretty much a bad deal for mainly men there are going to be a lot of elderly homeless people in the future.",
">\n\nlmao imagine thinking marriage is a bad deal for men.",
">\n\nI recommend going to your local family courthouse and spend a few hours listening to the people who appear in front of the judges there and you can form your own opinion especially when it comes to custody of kids."
] |
>
Might as well just nuke humanity while you're at it, we wouldn't have to worry about all this stuff.
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.",
">\n\nOr just not retire.",
">\n\nAnyone want to link up and shoot me while I shoot you so it's not technically suicide?",
">\n\nWhat train and what time?",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nAdd in the cost of putting kids through college and...we're fucked.",
">\n\nSounds about right. More if you need to fund a chronic illness.",
">\n\nTry at least $2M",
">\n\nWelp..I’m screwed",
">\n\n13 years of work and I’m nearly 15% to a comfortable retirement! I’m envisioning the beach now 😎 I wonder what future me is going to do in retirement in 2100.",
">\n\nCries in Portuguese* with his 1200€ a month (RN nurse)",
">\n\nCanadian here. After my parents passed. I really don't see the point. They outlasted me. They got one grandkid from my sister. I never really talk to my siblings. And the last 3 years have been garbage. Christmas, and birthdays spent by myself. 39 years old and just wanting to end it. No future for this guy.",
">\n\nI don't think I'm having kids",
">\n\nthats why my girl and I are working towards a \"settlement\" in the future to retire on. a little farm and some animals. our dogs. canning and hunting",
">\n\nLooks like I’ll be uncomfortably working until I drop.",
">\n\nSorry if I'm out of touch, but what about this is oniony? I always thought people needed at least 1-2 million in the bank to retire",
">\n\nSave more, spend less, or die sooner. We have the luxury of options.",
">\n\nI'd go with 3 mill safely so I'd get at least 1k a week to spend",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nThat’s about 35k a year from age 65 to 100",
">\n\nRealistically, the only way most Americans can retire (if nothing changes) is to retire in a cheaper country. Retirement immigration is going to be a big thing. America is not going to be well equip to take care of wealthily retirees let alone poor ones.",
">\n\nIs that including the cost of housing?",
">\n\nThis was very realistic goal to reach when marriage was still a thing in the US. Two people with a combined income and good financial discipline can make this but now that marriage is pretty much a bad deal for mainly men there are going to be a lot of elderly homeless people in the future.",
">\n\nlmao imagine thinking marriage is a bad deal for men.",
">\n\nI recommend going to your local family courthouse and spend a few hours listening to the people who appear in front of the judges there and you can form your own opinion especially when it comes to custody of kids.",
">\n\nThe solution is to go back in time to eliminate social security and medicare before they're started."
] |
>
But my plan means fewer old people to elect politicians who promise to subsidize retirees with everyone else's money.
Medicaid can stay, and if my plan works out, even that will be less necessary.
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.",
">\n\nOr just not retire.",
">\n\nAnyone want to link up and shoot me while I shoot you so it's not technically suicide?",
">\n\nWhat train and what time?",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nAdd in the cost of putting kids through college and...we're fucked.",
">\n\nSounds about right. More if you need to fund a chronic illness.",
">\n\nTry at least $2M",
">\n\nWelp..I’m screwed",
">\n\n13 years of work and I’m nearly 15% to a comfortable retirement! I’m envisioning the beach now 😎 I wonder what future me is going to do in retirement in 2100.",
">\n\nCries in Portuguese* with his 1200€ a month (RN nurse)",
">\n\nCanadian here. After my parents passed. I really don't see the point. They outlasted me. They got one grandkid from my sister. I never really talk to my siblings. And the last 3 years have been garbage. Christmas, and birthdays spent by myself. 39 years old and just wanting to end it. No future for this guy.",
">\n\nI don't think I'm having kids",
">\n\nthats why my girl and I are working towards a \"settlement\" in the future to retire on. a little farm and some animals. our dogs. canning and hunting",
">\n\nLooks like I’ll be uncomfortably working until I drop.",
">\n\nSorry if I'm out of touch, but what about this is oniony? I always thought people needed at least 1-2 million in the bank to retire",
">\n\nSave more, spend less, or die sooner. We have the luxury of options.",
">\n\nI'd go with 3 mill safely so I'd get at least 1k a week to spend",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nThat’s about 35k a year from age 65 to 100",
">\n\nRealistically, the only way most Americans can retire (if nothing changes) is to retire in a cheaper country. Retirement immigration is going to be a big thing. America is not going to be well equip to take care of wealthily retirees let alone poor ones.",
">\n\nIs that including the cost of housing?",
">\n\nThis was very realistic goal to reach when marriage was still a thing in the US. Two people with a combined income and good financial discipline can make this but now that marriage is pretty much a bad deal for mainly men there are going to be a lot of elderly homeless people in the future.",
">\n\nlmao imagine thinking marriage is a bad deal for men.",
">\n\nI recommend going to your local family courthouse and spend a few hours listening to the people who appear in front of the judges there and you can form your own opinion especially when it comes to custody of kids.",
">\n\nThe solution is to go back in time to eliminate social security and medicare before they're started.",
">\n\nMight as well just nuke humanity while you're at it, we wouldn't have to worry about all this stuff."
] |
>
It also probably means a lot of semi-old people voting for a dictator as they realize they're approaching death's door way sooner than they want.
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.",
">\n\nOr just not retire.",
">\n\nAnyone want to link up and shoot me while I shoot you so it's not technically suicide?",
">\n\nWhat train and what time?",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nAdd in the cost of putting kids through college and...we're fucked.",
">\n\nSounds about right. More if you need to fund a chronic illness.",
">\n\nTry at least $2M",
">\n\nWelp..I’m screwed",
">\n\n13 years of work and I’m nearly 15% to a comfortable retirement! I’m envisioning the beach now 😎 I wonder what future me is going to do in retirement in 2100.",
">\n\nCries in Portuguese* with his 1200€ a month (RN nurse)",
">\n\nCanadian here. After my parents passed. I really don't see the point. They outlasted me. They got one grandkid from my sister. I never really talk to my siblings. And the last 3 years have been garbage. Christmas, and birthdays spent by myself. 39 years old and just wanting to end it. No future for this guy.",
">\n\nI don't think I'm having kids",
">\n\nthats why my girl and I are working towards a \"settlement\" in the future to retire on. a little farm and some animals. our dogs. canning and hunting",
">\n\nLooks like I’ll be uncomfortably working until I drop.",
">\n\nSorry if I'm out of touch, but what about this is oniony? I always thought people needed at least 1-2 million in the bank to retire",
">\n\nSave more, spend less, or die sooner. We have the luxury of options.",
">\n\nI'd go with 3 mill safely so I'd get at least 1k a week to spend",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nThat’s about 35k a year from age 65 to 100",
">\n\nRealistically, the only way most Americans can retire (if nothing changes) is to retire in a cheaper country. Retirement immigration is going to be a big thing. America is not going to be well equip to take care of wealthily retirees let alone poor ones.",
">\n\nIs that including the cost of housing?",
">\n\nThis was very realistic goal to reach when marriage was still a thing in the US. Two people with a combined income and good financial discipline can make this but now that marriage is pretty much a bad deal for mainly men there are going to be a lot of elderly homeless people in the future.",
">\n\nlmao imagine thinking marriage is a bad deal for men.",
">\n\nI recommend going to your local family courthouse and spend a few hours listening to the people who appear in front of the judges there and you can form your own opinion especially when it comes to custody of kids.",
">\n\nThe solution is to go back in time to eliminate social security and medicare before they're started.",
">\n\nMight as well just nuke humanity while you're at it, we wouldn't have to worry about all this stuff.",
">\n\nBut my plan means fewer old people to elect politicians who promise to subsidize retirees with everyone else's money.\nMedicaid can stay, and if my plan works out, even that will be less necessary."
] |
>
But by reducing life expectancy, more people will have enough money to retire, and be happier knowing 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.",
">\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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.",
">\n\nOr just not retire.",
">\n\nAnyone want to link up and shoot me while I shoot you so it's not technically suicide?",
">\n\nWhat train and what time?",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nAdd in the cost of putting kids through college and...we're fucked.",
">\n\nSounds about right. More if you need to fund a chronic illness.",
">\n\nTry at least $2M",
">\n\nWelp..I’m screwed",
">\n\n13 years of work and I’m nearly 15% to a comfortable retirement! I’m envisioning the beach now 😎 I wonder what future me is going to do in retirement in 2100.",
">\n\nCries in Portuguese* with his 1200€ a month (RN nurse)",
">\n\nCanadian here. After my parents passed. I really don't see the point. They outlasted me. They got one grandkid from my sister. I never really talk to my siblings. And the last 3 years have been garbage. Christmas, and birthdays spent by myself. 39 years old and just wanting to end it. No future for this guy.",
">\n\nI don't think I'm having kids",
">\n\nthats why my girl and I are working towards a \"settlement\" in the future to retire on. a little farm and some animals. our dogs. canning and hunting",
">\n\nLooks like I’ll be uncomfortably working until I drop.",
">\n\nSorry if I'm out of touch, but what about this is oniony? I always thought people needed at least 1-2 million in the bank to retire",
">\n\nSave more, spend less, or die sooner. We have the luxury of options.",
">\n\nI'd go with 3 mill safely so I'd get at least 1k a week to spend",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nThat’s about 35k a year from age 65 to 100",
">\n\nRealistically, the only way most Americans can retire (if nothing changes) is to retire in a cheaper country. Retirement immigration is going to be a big thing. America is not going to be well equip to take care of wealthily retirees let alone poor ones.",
">\n\nIs that including the cost of housing?",
">\n\nThis was very realistic goal to reach when marriage was still a thing in the US. Two people with a combined income and good financial discipline can make this but now that marriage is pretty much a bad deal for mainly men there are going to be a lot of elderly homeless people in the future.",
">\n\nlmao imagine thinking marriage is a bad deal for men.",
">\n\nI recommend going to your local family courthouse and spend a few hours listening to the people who appear in front of the judges there and you can form your own opinion especially when it comes to custody of kids.",
">\n\nThe solution is to go back in time to eliminate social security and medicare before they're started.",
">\n\nMight as well just nuke humanity while you're at it, we wouldn't have to worry about all this stuff.",
">\n\nBut my plan means fewer old people to elect politicians who promise to subsidize retirees with everyone else's money.\nMedicaid can stay, and if my plan works out, even that will be less necessary.",
">\n\nIt also probably means a lot of semi-old people voting for a dictator as they realize they're approaching death's door way sooner than they want."
] |
>
But they will also have increased death, and be more scared knowing 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.",
">\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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.",
">\n\nOr just not retire.",
">\n\nAnyone want to link up and shoot me while I shoot you so it's not technically suicide?",
">\n\nWhat train and what time?",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nAdd in the cost of putting kids through college and...we're fucked.",
">\n\nSounds about right. More if you need to fund a chronic illness.",
">\n\nTry at least $2M",
">\n\nWelp..I’m screwed",
">\n\n13 years of work and I’m nearly 15% to a comfortable retirement! I’m envisioning the beach now 😎 I wonder what future me is going to do in retirement in 2100.",
">\n\nCries in Portuguese* with his 1200€ a month (RN nurse)",
">\n\nCanadian here. After my parents passed. I really don't see the point. They outlasted me. They got one grandkid from my sister. I never really talk to my siblings. And the last 3 years have been garbage. Christmas, and birthdays spent by myself. 39 years old and just wanting to end it. No future for this guy.",
">\n\nI don't think I'm having kids",
">\n\nthats why my girl and I are working towards a \"settlement\" in the future to retire on. a little farm and some animals. our dogs. canning and hunting",
">\n\nLooks like I’ll be uncomfortably working until I drop.",
">\n\nSorry if I'm out of touch, but what about this is oniony? I always thought people needed at least 1-2 million in the bank to retire",
">\n\nSave more, spend less, or die sooner. We have the luxury of options.",
">\n\nI'd go with 3 mill safely so I'd get at least 1k a week to spend",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nThat’s about 35k a year from age 65 to 100",
">\n\nRealistically, the only way most Americans can retire (if nothing changes) is to retire in a cheaper country. Retirement immigration is going to be a big thing. America is not going to be well equip to take care of wealthily retirees let alone poor ones.",
">\n\nIs that including the cost of housing?",
">\n\nThis was very realistic goal to reach when marriage was still a thing in the US. Two people with a combined income and good financial discipline can make this but now that marriage is pretty much a bad deal for mainly men there are going to be a lot of elderly homeless people in the future.",
">\n\nlmao imagine thinking marriage is a bad deal for men.",
">\n\nI recommend going to your local family courthouse and spend a few hours listening to the people who appear in front of the judges there and you can form your own opinion especially when it comes to custody of kids.",
">\n\nThe solution is to go back in time to eliminate social security and medicare before they're started.",
">\n\nMight as well just nuke humanity while you're at it, we wouldn't have to worry about all this stuff.",
">\n\nBut my plan means fewer old people to elect politicians who promise to subsidize retirees with everyone else's money.\nMedicaid can stay, and if my plan works out, even that will be less necessary.",
">\n\nIt also probably means a lot of semi-old people voting for a dictator as they realize they're approaching death's door way sooner than they want.",
">\n\nBut by reducing life expectancy, more people will have enough money to retire, and be happier knowing that."
] |
>
At 35, I’m expecting to retire by 45 with $4 million at the least. 3% annualized with a $200k pull would give me 40 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?",
">\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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.",
">\n\nOr just not retire.",
">\n\nAnyone want to link up and shoot me while I shoot you so it's not technically suicide?",
">\n\nWhat train and what time?",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nAdd in the cost of putting kids through college and...we're fucked.",
">\n\nSounds about right. More if you need to fund a chronic illness.",
">\n\nTry at least $2M",
">\n\nWelp..I’m screwed",
">\n\n13 years of work and I’m nearly 15% to a comfortable retirement! I’m envisioning the beach now 😎 I wonder what future me is going to do in retirement in 2100.",
">\n\nCries in Portuguese* with his 1200€ a month (RN nurse)",
">\n\nCanadian here. After my parents passed. I really don't see the point. They outlasted me. They got one grandkid from my sister. I never really talk to my siblings. And the last 3 years have been garbage. Christmas, and birthdays spent by myself. 39 years old and just wanting to end it. No future for this guy.",
">\n\nI don't think I'm having kids",
">\n\nthats why my girl and I are working towards a \"settlement\" in the future to retire on. a little farm and some animals. our dogs. canning and hunting",
">\n\nLooks like I’ll be uncomfortably working until I drop.",
">\n\nSorry if I'm out of touch, but what about this is oniony? I always thought people needed at least 1-2 million in the bank to retire",
">\n\nSave more, spend less, or die sooner. We have the luxury of options.",
">\n\nI'd go with 3 mill safely so I'd get at least 1k a week to spend",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nThat’s about 35k a year from age 65 to 100",
">\n\nRealistically, the only way most Americans can retire (if nothing changes) is to retire in a cheaper country. Retirement immigration is going to be a big thing. America is not going to be well equip to take care of wealthily retirees let alone poor ones.",
">\n\nIs that including the cost of housing?",
">\n\nThis was very realistic goal to reach when marriage was still a thing in the US. Two people with a combined income and good financial discipline can make this but now that marriage is pretty much a bad deal for mainly men there are going to be a lot of elderly homeless people in the future.",
">\n\nlmao imagine thinking marriage is a bad deal for men.",
">\n\nI recommend going to your local family courthouse and spend a few hours listening to the people who appear in front of the judges there and you can form your own opinion especially when it comes to custody of kids.",
">\n\nThe solution is to go back in time to eliminate social security and medicare before they're started.",
">\n\nMight as well just nuke humanity while you're at it, we wouldn't have to worry about all this stuff.",
">\n\nBut my plan means fewer old people to elect politicians who promise to subsidize retirees with everyone else's money.\nMedicaid can stay, and if my plan works out, even that will be less necessary.",
">\n\nIt also probably means a lot of semi-old people voting for a dictator as they realize they're approaching death's door way sooner than they want.",
">\n\nBut by reducing life expectancy, more people will have enough money to retire, and be happier knowing that.",
">\n\nBut they will also have increased death, and be more scared knowing that"
] |
>
Where do you get the money?
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.",
">\n\nOr just not retire.",
">\n\nAnyone want to link up and shoot me while I shoot you so it's not technically suicide?",
">\n\nWhat train and what time?",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nAdd in the cost of putting kids through college and...we're fucked.",
">\n\nSounds about right. More if you need to fund a chronic illness.",
">\n\nTry at least $2M",
">\n\nWelp..I’m screwed",
">\n\n13 years of work and I’m nearly 15% to a comfortable retirement! I’m envisioning the beach now 😎 I wonder what future me is going to do in retirement in 2100.",
">\n\nCries in Portuguese* with his 1200€ a month (RN nurse)",
">\n\nCanadian here. After my parents passed. I really don't see the point. They outlasted me. They got one grandkid from my sister. I never really talk to my siblings. And the last 3 years have been garbage. Christmas, and birthdays spent by myself. 39 years old and just wanting to end it. No future for this guy.",
">\n\nI don't think I'm having kids",
">\n\nthats why my girl and I are working towards a \"settlement\" in the future to retire on. a little farm and some animals. our dogs. canning and hunting",
">\n\nLooks like I’ll be uncomfortably working until I drop.",
">\n\nSorry if I'm out of touch, but what about this is oniony? I always thought people needed at least 1-2 million in the bank to retire",
">\n\nSave more, spend less, or die sooner. We have the luxury of options.",
">\n\nI'd go with 3 mill safely so I'd get at least 1k a week to spend",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nThat’s about 35k a year from age 65 to 100",
">\n\nRealistically, the only way most Americans can retire (if nothing changes) is to retire in a cheaper country. Retirement immigration is going to be a big thing. America is not going to be well equip to take care of wealthily retirees let alone poor ones.",
">\n\nIs that including the cost of housing?",
">\n\nThis was very realistic goal to reach when marriage was still a thing in the US. Two people with a combined income and good financial discipline can make this but now that marriage is pretty much a bad deal for mainly men there are going to be a lot of elderly homeless people in the future.",
">\n\nlmao imagine thinking marriage is a bad deal for men.",
">\n\nI recommend going to your local family courthouse and spend a few hours listening to the people who appear in front of the judges there and you can form your own opinion especially when it comes to custody of kids.",
">\n\nThe solution is to go back in time to eliminate social security and medicare before they're started.",
">\n\nMight as well just nuke humanity while you're at it, we wouldn't have to worry about all this stuff.",
">\n\nBut my plan means fewer old people to elect politicians who promise to subsidize retirees with everyone else's money.\nMedicaid can stay, and if my plan works out, even that will be less necessary.",
">\n\nIt also probably means a lot of semi-old people voting for a dictator as they realize they're approaching death's door way sooner than they want.",
">\n\nBut by reducing life expectancy, more people will have enough money to retire, and be happier knowing that.",
">\n\nBut they will also have increased death, and be more scared knowing that",
">\n\nAt 35, I’m expecting to retire by 45 with $4 million at the least. 3% annualized with a $200k pull would give me 40 years"
] |
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[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.",
">\n\nOr just not retire.",
">\n\nAnyone want to link up and shoot me while I shoot you so it's not technically suicide?",
">\n\nWhat train and what time?",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nAdd in the cost of putting kids through college and...we're fucked.",
">\n\nSounds about right. More if you need to fund a chronic illness.",
">\n\nTry at least $2M",
">\n\nWelp..I’m screwed",
">\n\n13 years of work and I’m nearly 15% to a comfortable retirement! I’m envisioning the beach now 😎 I wonder what future me is going to do in retirement in 2100.",
">\n\nCries in Portuguese* with his 1200€ a month (RN nurse)",
">\n\nCanadian here. After my parents passed. I really don't see the point. They outlasted me. They got one grandkid from my sister. I never really talk to my siblings. And the last 3 years have been garbage. Christmas, and birthdays spent by myself. 39 years old and just wanting to end it. No future for this guy.",
">\n\nI don't think I'm having kids",
">\n\nthats why my girl and I are working towards a \"settlement\" in the future to retire on. a little farm and some animals. our dogs. canning and hunting",
">\n\nLooks like I’ll be uncomfortably working until I drop.",
">\n\nSorry if I'm out of touch, but what about this is oniony? I always thought people needed at least 1-2 million in the bank to retire",
">\n\nSave more, spend less, or die sooner. We have the luxury of options.",
">\n\nI'd go with 3 mill safely so I'd get at least 1k a week to spend",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nThat’s about 35k a year from age 65 to 100",
">\n\nRealistically, the only way most Americans can retire (if nothing changes) is to retire in a cheaper country. Retirement immigration is going to be a big thing. America is not going to be well equip to take care of wealthily retirees let alone poor ones.",
">\n\nIs that including the cost of housing?",
">\n\nThis was very realistic goal to reach when marriage was still a thing in the US. Two people with a combined income and good financial discipline can make this but now that marriage is pretty much a bad deal for mainly men there are going to be a lot of elderly homeless people in the future.",
">\n\nlmao imagine thinking marriage is a bad deal for men.",
">\n\nI recommend going to your local family courthouse and spend a few hours listening to the people who appear in front of the judges there and you can form your own opinion especially when it comes to custody of kids.",
">\n\nThe solution is to go back in time to eliminate social security and medicare before they're started.",
">\n\nMight as well just nuke humanity while you're at it, we wouldn't have to worry about all this stuff.",
">\n\nBut my plan means fewer old people to elect politicians who promise to subsidize retirees with everyone else's money.\nMedicaid can stay, and if my plan works out, even that will be less necessary.",
">\n\nIt also probably means a lot of semi-old people voting for a dictator as they realize they're approaching death's door way sooner than they want.",
">\n\nBut by reducing life expectancy, more people will have enough money to retire, and be happier knowing that.",
">\n\nBut they will also have increased death, and be more scared knowing that",
">\n\nAt 35, I’m expecting to retire by 45 with $4 million at the least. 3% annualized with a $200k pull would give me 40 years",
">\n\nWhere do you get the money?"
] |
>
Like what job?
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[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.",
">\n\nOr just not retire.",
">\n\nAnyone want to link up and shoot me while I shoot you so it's not technically suicide?",
">\n\nWhat train and what time?",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nAdd in the cost of putting kids through college and...we're fucked.",
">\n\nSounds about right. More if you need to fund a chronic illness.",
">\n\nTry at least $2M",
">\n\nWelp..I’m screwed",
">\n\n13 years of work and I’m nearly 15% to a comfortable retirement! I’m envisioning the beach now 😎 I wonder what future me is going to do in retirement in 2100.",
">\n\nCries in Portuguese* with his 1200€ a month (RN nurse)",
">\n\nCanadian here. After my parents passed. I really don't see the point. They outlasted me. They got one grandkid from my sister. I never really talk to my siblings. And the last 3 years have been garbage. Christmas, and birthdays spent by myself. 39 years old and just wanting to end it. No future for this guy.",
">\n\nI don't think I'm having kids",
">\n\nthats why my girl and I are working towards a \"settlement\" in the future to retire on. a little farm and some animals. our dogs. canning and hunting",
">\n\nLooks like I’ll be uncomfortably working until I drop.",
">\n\nSorry if I'm out of touch, but what about this is oniony? I always thought people needed at least 1-2 million in the bank to retire",
">\n\nSave more, spend less, or die sooner. We have the luxury of options.",
">\n\nI'd go with 3 mill safely so I'd get at least 1k a week to spend",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nThat’s about 35k a year from age 65 to 100",
">\n\nRealistically, the only way most Americans can retire (if nothing changes) is to retire in a cheaper country. Retirement immigration is going to be a big thing. America is not going to be well equip to take care of wealthily retirees let alone poor ones.",
">\n\nIs that including the cost of housing?",
">\n\nThis was very realistic goal to reach when marriage was still a thing in the US. Two people with a combined income and good financial discipline can make this but now that marriage is pretty much a bad deal for mainly men there are going to be a lot of elderly homeless people in the future.",
">\n\nlmao imagine thinking marriage is a bad deal for men.",
">\n\nI recommend going to your local family courthouse and spend a few hours listening to the people who appear in front of the judges there and you can form your own opinion especially when it comes to custody of kids.",
">\n\nThe solution is to go back in time to eliminate social security and medicare before they're started.",
">\n\nMight as well just nuke humanity while you're at it, we wouldn't have to worry about all this stuff.",
">\n\nBut my plan means fewer old people to elect politicians who promise to subsidize retirees with everyone else's money.\nMedicaid can stay, and if my plan works out, even that will be less necessary.",
">\n\nIt also probably means a lot of semi-old people voting for a dictator as they realize they're approaching death's door way sooner than they want.",
">\n\nBut by reducing life expectancy, more people will have enough money to retire, and be happier knowing that.",
">\n\nBut they will also have increased death, and be more scared knowing that",
">\n\nAt 35, I’m expecting to retire by 45 with $4 million at the least. 3% annualized with a $200k pull would give me 40 years",
">\n\nWhere do you get the money?",
">\n\nWorking?"
] |
>
Construction.
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[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.",
">\n\nOr just not retire.",
">\n\nAnyone want to link up and shoot me while I shoot you so it's not technically suicide?",
">\n\nWhat train and what time?",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nAdd in the cost of putting kids through college and...we're fucked.",
">\n\nSounds about right. More if you need to fund a chronic illness.",
">\n\nTry at least $2M",
">\n\nWelp..I’m screwed",
">\n\n13 years of work and I’m nearly 15% to a comfortable retirement! I’m envisioning the beach now 😎 I wonder what future me is going to do in retirement in 2100.",
">\n\nCries in Portuguese* with his 1200€ a month (RN nurse)",
">\n\nCanadian here. After my parents passed. I really don't see the point. They outlasted me. They got one grandkid from my sister. I never really talk to my siblings. And the last 3 years have been garbage. Christmas, and birthdays spent by myself. 39 years old and just wanting to end it. No future for this guy.",
">\n\nI don't think I'm having kids",
">\n\nthats why my girl and I are working towards a \"settlement\" in the future to retire on. a little farm and some animals. our dogs. canning and hunting",
">\n\nLooks like I’ll be uncomfortably working until I drop.",
">\n\nSorry if I'm out of touch, but what about this is oniony? I always thought people needed at least 1-2 million in the bank to retire",
">\n\nSave more, spend less, or die sooner. We have the luxury of options.",
">\n\nI'd go with 3 mill safely so I'd get at least 1k a week to spend",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nThat’s about 35k a year from age 65 to 100",
">\n\nRealistically, the only way most Americans can retire (if nothing changes) is to retire in a cheaper country. Retirement immigration is going to be a big thing. America is not going to be well equip to take care of wealthily retirees let alone poor ones.",
">\n\nIs that including the cost of housing?",
">\n\nThis was very realistic goal to reach when marriage was still a thing in the US. Two people with a combined income and good financial discipline can make this but now that marriage is pretty much a bad deal for mainly men there are going to be a lot of elderly homeless people in the future.",
">\n\nlmao imagine thinking marriage is a bad deal for men.",
">\n\nI recommend going to your local family courthouse and spend a few hours listening to the people who appear in front of the judges there and you can form your own opinion especially when it comes to custody of kids.",
">\n\nThe solution is to go back in time to eliminate social security and medicare before they're started.",
">\n\nMight as well just nuke humanity while you're at it, we wouldn't have to worry about all this stuff.",
">\n\nBut my plan means fewer old people to elect politicians who promise to subsidize retirees with everyone else's money.\nMedicaid can stay, and if my plan works out, even that will be less necessary.",
">\n\nIt also probably means a lot of semi-old people voting for a dictator as they realize they're approaching death's door way sooner than they want.",
">\n\nBut by reducing life expectancy, more people will have enough money to retire, and be happier knowing that.",
">\n\nBut they will also have increased death, and be more scared knowing that",
">\n\nAt 35, I’m expecting to retire by 45 with $4 million at the least. 3% annualized with a $200k pull would give me 40 years",
">\n\nWhere do you get the money?",
">\n\nWorking?",
">\n\nLike what job?"
] |
>
Who are these dumb old fucks that feel entitled to more money than many working professionals make in 3 decades?
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.",
">\n\nOr just not retire.",
">\n\nAnyone want to link up and shoot me while I shoot you so it's not technically suicide?",
">\n\nWhat train and what time?",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nAdd in the cost of putting kids through college and...we're fucked.",
">\n\nSounds about right. More if you need to fund a chronic illness.",
">\n\nTry at least $2M",
">\n\nWelp..I’m screwed",
">\n\n13 years of work and I’m nearly 15% to a comfortable retirement! I’m envisioning the beach now 😎 I wonder what future me is going to do in retirement in 2100.",
">\n\nCries in Portuguese* with his 1200€ a month (RN nurse)",
">\n\nCanadian here. After my parents passed. I really don't see the point. They outlasted me. They got one grandkid from my sister. I never really talk to my siblings. And the last 3 years have been garbage. Christmas, and birthdays spent by myself. 39 years old and just wanting to end it. No future for this guy.",
">\n\nI don't think I'm having kids",
">\n\nthats why my girl and I are working towards a \"settlement\" in the future to retire on. a little farm and some animals. our dogs. canning and hunting",
">\n\nLooks like I’ll be uncomfortably working until I drop.",
">\n\nSorry if I'm out of touch, but what about this is oniony? I always thought people needed at least 1-2 million in the bank to retire",
">\n\nSave more, spend less, or die sooner. We have the luxury of options.",
">\n\nI'd go with 3 mill safely so I'd get at least 1k a week to spend",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nThat’s about 35k a year from age 65 to 100",
">\n\nRealistically, the only way most Americans can retire (if nothing changes) is to retire in a cheaper country. Retirement immigration is going to be a big thing. America is not going to be well equip to take care of wealthily retirees let alone poor ones.",
">\n\nIs that including the cost of housing?",
">\n\nThis was very realistic goal to reach when marriage was still a thing in the US. Two people with a combined income and good financial discipline can make this but now that marriage is pretty much a bad deal for mainly men there are going to be a lot of elderly homeless people in the future.",
">\n\nlmao imagine thinking marriage is a bad deal for men.",
">\n\nI recommend going to your local family courthouse and spend a few hours listening to the people who appear in front of the judges there and you can form your own opinion especially when it comes to custody of kids.",
">\n\nThe solution is to go back in time to eliminate social security and medicare before they're started.",
">\n\nMight as well just nuke humanity while you're at it, we wouldn't have to worry about all this stuff.",
">\n\nBut my plan means fewer old people to elect politicians who promise to subsidize retirees with everyone else's money.\nMedicaid can stay, and if my plan works out, even that will be less necessary.",
">\n\nIt also probably means a lot of semi-old people voting for a dictator as they realize they're approaching death's door way sooner than they want.",
">\n\nBut by reducing life expectancy, more people will have enough money to retire, and be happier knowing that.",
">\n\nBut they will also have increased death, and be more scared knowing that",
">\n\nAt 35, I’m expecting to retire by 45 with $4 million at the least. 3% annualized with a $200k pull would give me 40 years",
">\n\nWhere do you get the money?",
">\n\nWorking?",
">\n\nLike what job?",
">\n\nConstruction."
] |
>
People that worked hard and sacrificed the present for the future?
|
[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.",
">\n\nOr just not retire.",
">\n\nAnyone want to link up and shoot me while I shoot you so it's not technically suicide?",
">\n\nWhat train and what time?",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nAdd in the cost of putting kids through college and...we're fucked.",
">\n\nSounds about right. More if you need to fund a chronic illness.",
">\n\nTry at least $2M",
">\n\nWelp..I’m screwed",
">\n\n13 years of work and I’m nearly 15% to a comfortable retirement! I’m envisioning the beach now 😎 I wonder what future me is going to do in retirement in 2100.",
">\n\nCries in Portuguese* with his 1200€ a month (RN nurse)",
">\n\nCanadian here. After my parents passed. I really don't see the point. They outlasted me. They got one grandkid from my sister. I never really talk to my siblings. And the last 3 years have been garbage. Christmas, and birthdays spent by myself. 39 years old and just wanting to end it. No future for this guy.",
">\n\nI don't think I'm having kids",
">\n\nthats why my girl and I are working towards a \"settlement\" in the future to retire on. a little farm and some animals. our dogs. canning and hunting",
">\n\nLooks like I’ll be uncomfortably working until I drop.",
">\n\nSorry if I'm out of touch, but what about this is oniony? I always thought people needed at least 1-2 million in the bank to retire",
">\n\nSave more, spend less, or die sooner. We have the luxury of options.",
">\n\nI'd go with 3 mill safely so I'd get at least 1k a week to spend",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nThat’s about 35k a year from age 65 to 100",
">\n\nRealistically, the only way most Americans can retire (if nothing changes) is to retire in a cheaper country. Retirement immigration is going to be a big thing. America is not going to be well equip to take care of wealthily retirees let alone poor ones.",
">\n\nIs that including the cost of housing?",
">\n\nThis was very realistic goal to reach when marriage was still a thing in the US. Two people with a combined income and good financial discipline can make this but now that marriage is pretty much a bad deal for mainly men there are going to be a lot of elderly homeless people in the future.",
">\n\nlmao imagine thinking marriage is a bad deal for men.",
">\n\nI recommend going to your local family courthouse and spend a few hours listening to the people who appear in front of the judges there and you can form your own opinion especially when it comes to custody of kids.",
">\n\nThe solution is to go back in time to eliminate social security and medicare before they're started.",
">\n\nMight as well just nuke humanity while you're at it, we wouldn't have to worry about all this stuff.",
">\n\nBut my plan means fewer old people to elect politicians who promise to subsidize retirees with everyone else's money.\nMedicaid can stay, and if my plan works out, even that will be less necessary.",
">\n\nIt also probably means a lot of semi-old people voting for a dictator as they realize they're approaching death's door way sooner than they want.",
">\n\nBut by reducing life expectancy, more people will have enough money to retire, and be happier knowing that.",
">\n\nBut they will also have increased death, and be more scared knowing that",
">\n\nAt 35, I’m expecting to retire by 45 with $4 million at the least. 3% annualized with a $200k pull would give me 40 years",
">\n\nWhere do you get the money?",
">\n\nWorking?",
">\n\nLike what job?",
">\n\nConstruction.",
">\n\nWho are these dumb old fucks that feel entitled to more money than many working professionals make in 3 decades?"
] |
>
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[
"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!",
">\n\nPerfect - I only need to keep saving at this rate for another 150 years before I can retire.",
">\n\nI wonder how people that make less than 100k a year will accomplish this feat? Asking for a friend.... Well actually myself and most of my friends. I guess if we save 100% of our income for a decade straight we'll be good to go. It's gonna suck being homeless for a decade and only eating free food at shelters. But it'll be worth it when I hear stories about all the millionaires and how their enjoying their wealth. Maybe they'll make a reality show about it? But damn, no way to watch it. If only I had a TV to watch it on and a home for the TV to go in.",
">\n\nDon't save, invest. Banks stopped giving noticeable interest during the 2008 recession.",
">\n\nMe reading this with $17 in my bank account.\nChuckles\nI'm in danger.jpg",
">\n\nShit.",
">\n\nI'm currently jobless, but I used to make $135k a year and feel that I'll never, ever retire. I don't really know how to figure out the cost to comfortably do so. No kids, no wife, no debt, LCOL owned home... but I can't fathom retiring on $1.25 million. I have no idea when I'm going to die. Maybe if I'm 65 and not doing anything, maybe I could.\nMy parents just ended their careers with much more than that, and I'm not getting a dime.",
">\n\nTo get there, you need to invest $350/month for your working life. \nThe average car payment in the US is $700 for new cars, $525 for used ones.",
">\n\nIdk about that. \nAssuming 10% annual return, after taxes your left with around 6,000$ a month.\nYou’d need your house to be paid off.\nThis also assumes your not reinvesting it.\nI think you’d need a minimum of 3 million to retire comfortably. And that would be right now. In 30 years I’d say you’ll need 4 million because of inflation.",
">\n\nIt would be $6,000 (which is a good amount of money) plus social security per month so probably more like $8,000 total",
">\n\nIf you’re 401k is providing 6k you definitely won’t be getting full social security",
">\n\nWell how about that, thanks. I had no idea",
">\n\nand?\nDo the math, retirement is at 65, average life expectancy of someone 65 is 85, thats 20 years. At 50 work weeks, 40 hours per week, thats 40,000 \"work\", so that works out to an effective rate of $31.25 per hour (62,500 yearly). The average hourly wage is $32.82 per hour. solidly middle class. In a time of their life where their medical expenses are at an all time high (insurance is about 4x what it is for other single people).\nWhy is this news? Can people just not do math? Do they not realize how little $1.25 million is?",
">\n\nYou’re only allowed to take 4% a year w/o being taxed, right? So 1.25M would be 50k a year. Americans would get social security on top of that... but 50k a year not that much.",
">\n\n$1.25 million is down right laughable. Not a chance you could retire on that. Maybe if you had a life expectancy of 15 years or less. I’m thinking closer to $3 to $4 million",
">\n\nEh depends where you live. That would be comfortable in my area. Wouldn’t have an expensive new car but you wouldn’t be cold or hungry",
">\n\nNot to mention if you are retired you can move wherever you want . Though of course it would suck if you love your high col city or have family in the area.",
">\n\nThis is down from the $2.4 million I read a few months ago. I’ll take it. But, does this include a home that’s paid off, or is this in addition to that?",
">\n\nSo, 10 years?",
">\n\nEver heard about México?",
">\n\nThought the number was 2 mill. either way. max the 401k, roth ira, and hsa if you can. Pay off your house. reduce debt. you know the drill...nothing new here.",
">\n\nWhy is this so unbelievable? If you do the numbers 1.25M invested week get you like 40-50k in dividends yearly. 40-50k is not great, but it's a comfortable living",
">\n\nRetire? Maaaaan, my “retirement plan” is to drop dead at work 😂😂😂",
">\n\nBy my calculations, this is correct.",
">\n\nYeah, okay.",
">\n\nIn USA. Retiring somewhere else is much cheaper.",
">\n\nLol I'm definitely doing something crazy then, I guess",
">\n\nYa, I'm going to need a nice bottle of whiskey and a cold night. That's my retirement.",
">\n\nThose Americans not in California",
">\n\nI’ve already accepted that I’m probably going to work until I’m dead.",
">\n\nYou know that meme of the crying cat with the thumbs up? Yeah, that's me. I'm honest to God hoping for the fucking Apocalypse, because if I have to work till I die, I'm going to find a way to die in prison. I am not fucking kidding.",
">\n\nI assume something will take us out if we don't take each other out first beforehand. And if not, self termination is always an option. People say it's not but it is. Just sayin' I expect my retirement to be a dirt nap either way.",
">\n\nnot if you eat poorly and die of obesity related disease like I plan to",
">\n\nWe all grew up hearing the word millionaire and thinking it was crazy but with inflation and raises in earnings it’s not out of reach for anyone who starts saving early.",
">\n\nOr just not retire.",
">\n\nAnyone want to link up and shoot me while I shoot you so it's not technically suicide?",
">\n\nWhat train and what time?",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nAdd in the cost of putting kids through college and...we're fucked.",
">\n\nSounds about right. More if you need to fund a chronic illness.",
">\n\nTry at least $2M",
">\n\nWelp..I’m screwed",
">\n\n13 years of work and I’m nearly 15% to a comfortable retirement! I’m envisioning the beach now 😎 I wonder what future me is going to do in retirement in 2100.",
">\n\nCries in Portuguese* with his 1200€ a month (RN nurse)",
">\n\nCanadian here. After my parents passed. I really don't see the point. They outlasted me. They got one grandkid from my sister. I never really talk to my siblings. And the last 3 years have been garbage. Christmas, and birthdays spent by myself. 39 years old and just wanting to end it. No future for this guy.",
">\n\nI don't think I'm having kids",
">\n\nthats why my girl and I are working towards a \"settlement\" in the future to retire on. a little farm and some animals. our dogs. canning and hunting",
">\n\nLooks like I’ll be uncomfortably working until I drop.",
">\n\nSorry if I'm out of touch, but what about this is oniony? I always thought people needed at least 1-2 million in the bank to retire",
">\n\nSave more, spend less, or die sooner. We have the luxury of options.",
">\n\nI'd go with 3 mill safely so I'd get at least 1k a week to spend",
">\n\nMarch 3rd 2072 9 am to Sacramento Ca. via Union Station. I'll bring sandwichs.",
">\n\nThat’s about 35k a year from age 65 to 100",
">\n\nRealistically, the only way most Americans can retire (if nothing changes) is to retire in a cheaper country. Retirement immigration is going to be a big thing. America is not going to be well equip to take care of wealthily retirees let alone poor ones.",
">\n\nIs that including the cost of housing?",
">\n\nThis was very realistic goal to reach when marriage was still a thing in the US. Two people with a combined income and good financial discipline can make this but now that marriage is pretty much a bad deal for mainly men there are going to be a lot of elderly homeless people in the future.",
">\n\nlmao imagine thinking marriage is a bad deal for men.",
">\n\nI recommend going to your local family courthouse and spend a few hours listening to the people who appear in front of the judges there and you can form your own opinion especially when it comes to custody of kids.",
">\n\nThe solution is to go back in time to eliminate social security and medicare before they're started.",
">\n\nMight as well just nuke humanity while you're at it, we wouldn't have to worry about all this stuff.",
">\n\nBut my plan means fewer old people to elect politicians who promise to subsidize retirees with everyone else's money.\nMedicaid can stay, and if my plan works out, even that will be less necessary.",
">\n\nIt also probably means a lot of semi-old people voting for a dictator as they realize they're approaching death's door way sooner than they want.",
">\n\nBut by reducing life expectancy, more people will have enough money to retire, and be happier knowing that.",
">\n\nBut they will also have increased death, and be more scared knowing that",
">\n\nAt 35, I’m expecting to retire by 45 with $4 million at the least. 3% annualized with a $200k pull would give me 40 years",
">\n\nWhere do you get the money?",
">\n\nWorking?",
">\n\nLike what job?",
">\n\nConstruction.",
">\n\nWho are these dumb old fucks that feel entitled to more money than many working professionals make in 3 decades?",
">\n\nPeople that worked hard and sacrificed the present for the future?"
] |
Final margin of 280 votes, or roughly 0.0111%. For comparison, Florida 2000 was a difference of 0.009%.
|
[] |
>
Your vote matters
|
[
"Final margin of 280 votes, or roughly 0.0111%. For comparison, Florida 2000 was a difference of 0.009%."
] |
>
Really shows you how much going with Maga candidates in the Senate and gov races screwed republicans. Looks like lots of republicans either refused to vote for masters and lake, or they voted Dem instead.
|
[
"Final margin of 280 votes, or roughly 0.0111%. For comparison, Florida 2000 was a difference of 0.009%.",
">\n\nYour vote matters"
] |
>
Independents decide most elections these days.
|
[
"Final margin of 280 votes, or roughly 0.0111%. For comparison, Florida 2000 was a difference of 0.009%.",
">\n\nYour vote matters",
">\n\nReally shows you how much going with Maga candidates in the Senate and gov races screwed republicans. Looks like lots of republicans either refused to vote for masters and lake, or they voted Dem instead."
] |
>
GOP logic soon...
The GOP netted more votes?
Clearly the Democrats wanted to suppress these voters!!!
The Democrats netted more votes?
Clearly the Democrats fixed the machines to gain enough votes to cheat out a win!
|
[
"Final margin of 280 votes, or roughly 0.0111%. For comparison, Florida 2000 was a difference of 0.009%.",
">\n\nYour vote matters",
">\n\nReally shows you how much going with Maga candidates in the Senate and gov races screwed republicans. Looks like lots of republicans either refused to vote for masters and lake, or they voted Dem instead.",
">\n\nIndependents decide most elections these days."
] |
>
Apparently some votes from Pinal didn't get scanned properly, which is why Hamadeh gained so many votes (by recount standards). Regardless, Kristin Mayes wins. This is a Dem flip, and means they'll have the top 3 offices in the state.
|
[
"Final margin of 280 votes, or roughly 0.0111%. For comparison, Florida 2000 was a difference of 0.009%.",
">\n\nYour vote matters",
">\n\nReally shows you how much going with Maga candidates in the Senate and gov races screwed republicans. Looks like lots of republicans either refused to vote for masters and lake, or they voted Dem instead.",
">\n\nIndependents decide most elections these days.",
">\n\nGOP logic soon...\nThe GOP netted more votes? \nClearly the Democrats wanted to suppress these voters!!!\nThe Democrats netted more votes?\nClearly the Democrats fixed the machines to gain enough votes to cheat out a win!"
] |
>
|
[
"Final margin of 280 votes, or roughly 0.0111%. For comparison, Florida 2000 was a difference of 0.009%.",
">\n\nYour vote matters",
">\n\nReally shows you how much going with Maga candidates in the Senate and gov races screwed republicans. Looks like lots of republicans either refused to vote for masters and lake, or they voted Dem instead.",
">\n\nIndependents decide most elections these days.",
">\n\nGOP logic soon...\nThe GOP netted more votes? \nClearly the Democrats wanted to suppress these voters!!!\nThe Democrats netted more votes?\nClearly the Democrats fixed the machines to gain enough votes to cheat out a win!",
">\n\nApparently some votes from Pinal didn't get scanned properly, which is why Hamadeh gained so many votes (by recount standards). Regardless, Kristin Mayes wins. This is a Dem flip, and means they'll have the top 3 offices in the state."
] |
“Under the new rules, any restaurant with more than 20 seats – including work canteens, bakery chains, fast-food and sushi outlets – will have to provide reusable, washable cups, plates, dishes and cutlery for customers eating in.”
Post COVID I rarely see people dinning in at fast food restaurants. I assume the quickest way to become compliant in most locations is to reduce the number of seats to 20.
|
[] |
>
“Work canteens” (aka cafeterias) will be a big one. Large manufacturers won’t want to get rid of it, and seats can’t be reduced to less than 20.
|
[
"“Under the new rules, any restaurant with more than 20 seats – including work canteens, bakery chains, fast-food and sushi outlets – will have to provide reusable, washable cups, plates, dishes and cutlery for customers eating in.”\nPost COVID I rarely see people dinning in at fast food restaurants. I assume the quickest way to become compliant in most locations is to reduce the number of seats to 20."
] |
>
Large cafeterias in France generally have reusable plates and cutlery. It simply saves money.
|
[
"“Under the new rules, any restaurant with more than 20 seats – including work canteens, bakery chains, fast-food and sushi outlets – will have to provide reusable, washable cups, plates, dishes and cutlery for customers eating in.”\nPost COVID I rarely see people dinning in at fast food restaurants. I assume the quickest way to become compliant in most locations is to reduce the number of seats to 20.",
">\n\n“Work canteens” (aka cafeterias) will be a big one. Large manufacturers won’t want to get rid of it, and seats can’t be reduced to less than 20."
] |
>
Opposite here in the states. Having the disposable plates and cutlery saves on having to pay a dishwasher.
|
[
"“Under the new rules, any restaurant with more than 20 seats – including work canteens, bakery chains, fast-food and sushi outlets – will have to provide reusable, washable cups, plates, dishes and cutlery for customers eating in.”\nPost COVID I rarely see people dinning in at fast food restaurants. I assume the quickest way to become compliant in most locations is to reduce the number of seats to 20.",
">\n\n“Work canteens” (aka cafeterias) will be a big one. Large manufacturers won’t want to get rid of it, and seats can’t be reduced to less than 20.",
">\n\nLarge cafeterias in France generally have reusable plates and cutlery. It simply saves money."
] |
>
I don't think I have ever been to a cafeteria here in the states that didn't have reusable plates and cups. Schools, universities, hospitals, even commercial ones like K&W cafeteria or Ikea.
|
[
"“Under the new rules, any restaurant with more than 20 seats – including work canteens, bakery chains, fast-food and sushi outlets – will have to provide reusable, washable cups, plates, dishes and cutlery for customers eating in.”\nPost COVID I rarely see people dinning in at fast food restaurants. I assume the quickest way to become compliant in most locations is to reduce the number of seats to 20.",
">\n\n“Work canteens” (aka cafeterias) will be a big one. Large manufacturers won’t want to get rid of it, and seats can’t be reduced to less than 20.",
">\n\nLarge cafeterias in France generally have reusable plates and cutlery. It simply saves money.",
">\n\nOpposite here in the states. Having the disposable plates and cutlery saves on having to pay a dishwasher."
] |
>
I work at a large (Fortune 100) manufacturer in the Midwest. Plates are compostable, cutlery is plastic. Cafeteria is contracted out to Aramark across all their US locations.
|
[
"“Under the new rules, any restaurant with more than 20 seats – including work canteens, bakery chains, fast-food and sushi outlets – will have to provide reusable, washable cups, plates, dishes and cutlery for customers eating in.”\nPost COVID I rarely see people dinning in at fast food restaurants. I assume the quickest way to become compliant in most locations is to reduce the number of seats to 20.",
">\n\n“Work canteens” (aka cafeterias) will be a big one. Large manufacturers won’t want to get rid of it, and seats can’t be reduced to less than 20.",
">\n\nLarge cafeterias in France generally have reusable plates and cutlery. It simply saves money.",
">\n\nOpposite here in the states. Having the disposable plates and cutlery saves on having to pay a dishwasher.",
">\n\nI don't think I have ever been to a cafeteria here in the states that didn't have reusable plates and cups. Schools, universities, hospitals, even commercial ones like K&W cafeteria or Ikea."
] |
>
They've come out with better straws recently that don't turn into sog but still biodegradable. Paper plates are phenomenal now. Why haven't they come out with biodegradable cutlery yet? Is that a thing in some places? I have never seen them anywhere when I've traveled.
|
[
"“Under the new rules, any restaurant with more than 20 seats – including work canteens, bakery chains, fast-food and sushi outlets – will have to provide reusable, washable cups, plates, dishes and cutlery for customers eating in.”\nPost COVID I rarely see people dinning in at fast food restaurants. I assume the quickest way to become compliant in most locations is to reduce the number of seats to 20.",
">\n\n“Work canteens” (aka cafeterias) will be a big one. Large manufacturers won’t want to get rid of it, and seats can’t be reduced to less than 20.",
">\n\nLarge cafeterias in France generally have reusable plates and cutlery. It simply saves money.",
">\n\nOpposite here in the states. Having the disposable plates and cutlery saves on having to pay a dishwasher.",
">\n\nI don't think I have ever been to a cafeteria here in the states that didn't have reusable plates and cups. Schools, universities, hospitals, even commercial ones like K&W cafeteria or Ikea.",
">\n\nI work at a large (Fortune 100) manufacturer in the Midwest. Plates are compostable, cutlery is plastic. Cafeteria is contracted out to Aramark across all their US locations."
] |
>
Recently ate in a cafeteria at a museum. Cutlery was biodegradable
|
[
"“Under the new rules, any restaurant with more than 20 seats – including work canteens, bakery chains, fast-food and sushi outlets – will have to provide reusable, washable cups, plates, dishes and cutlery for customers eating in.”\nPost COVID I rarely see people dinning in at fast food restaurants. I assume the quickest way to become compliant in most locations is to reduce the number of seats to 20.",
">\n\n“Work canteens” (aka cafeterias) will be a big one. Large manufacturers won’t want to get rid of it, and seats can’t be reduced to less than 20.",
">\n\nLarge cafeterias in France generally have reusable plates and cutlery. It simply saves money.",
">\n\nOpposite here in the states. Having the disposable plates and cutlery saves on having to pay a dishwasher.",
">\n\nI don't think I have ever been to a cafeteria here in the states that didn't have reusable plates and cups. Schools, universities, hospitals, even commercial ones like K&W cafeteria or Ikea.",
">\n\nI work at a large (Fortune 100) manufacturer in the Midwest. Plates are compostable, cutlery is plastic. Cafeteria is contracted out to Aramark across all their US locations.",
">\n\nThey've come out with better straws recently that don't turn into sog but still biodegradable. Paper plates are phenomenal now. Why haven't they come out with biodegradable cutlery yet? Is that a thing in some places? I have never seen them anywhere when I've traveled."
] |
>
And now restaurants will offer limited edition forks and spoons for sale, and customers will collect a few dozen before throwing them out. Just like with the Dickies cups and KFC containers I've accumulated over the years.
|
[
"“Under the new rules, any restaurant with more than 20 seats – including work canteens, bakery chains, fast-food and sushi outlets – will have to provide reusable, washable cups, plates, dishes and cutlery for customers eating in.”\nPost COVID I rarely see people dinning in at fast food restaurants. I assume the quickest way to become compliant in most locations is to reduce the number of seats to 20.",
">\n\n“Work canteens” (aka cafeterias) will be a big one. Large manufacturers won’t want to get rid of it, and seats can’t be reduced to less than 20.",
">\n\nLarge cafeterias in France generally have reusable plates and cutlery. It simply saves money.",
">\n\nOpposite here in the states. Having the disposable plates and cutlery saves on having to pay a dishwasher.",
">\n\nI don't think I have ever been to a cafeteria here in the states that didn't have reusable plates and cups. Schools, universities, hospitals, even commercial ones like K&W cafeteria or Ikea.",
">\n\nI work at a large (Fortune 100) manufacturer in the Midwest. Plates are compostable, cutlery is plastic. Cafeteria is contracted out to Aramark across all their US locations.",
">\n\nThey've come out with better straws recently that don't turn into sog but still biodegradable. Paper plates are phenomenal now. Why haven't they come out with biodegradable cutlery yet? Is that a thing in some places? I have never seen them anywhere when I've traveled.",
">\n\nRecently ate in a cafeteria at a museum. Cutlery was biodegradable"
] |
>
So back to those fake frosted plastic sofa cups you used to get at the bowling alley that were un breakable and lasted forever?
|
[
"“Under the new rules, any restaurant with more than 20 seats – including work canteens, bakery chains, fast-food and sushi outlets – will have to provide reusable, washable cups, plates, dishes and cutlery for customers eating in.”\nPost COVID I rarely see people dinning in at fast food restaurants. I assume the quickest way to become compliant in most locations is to reduce the number of seats to 20.",
">\n\n“Work canteens” (aka cafeterias) will be a big one. Large manufacturers won’t want to get rid of it, and seats can’t be reduced to less than 20.",
">\n\nLarge cafeterias in France generally have reusable plates and cutlery. It simply saves money.",
">\n\nOpposite here in the states. Having the disposable plates and cutlery saves on having to pay a dishwasher.",
">\n\nI don't think I have ever been to a cafeteria here in the states that didn't have reusable plates and cups. Schools, universities, hospitals, even commercial ones like K&W cafeteria or Ikea.",
">\n\nI work at a large (Fortune 100) manufacturer in the Midwest. Plates are compostable, cutlery is plastic. Cafeteria is contracted out to Aramark across all their US locations.",
">\n\nThey've come out with better straws recently that don't turn into sog but still biodegradable. Paper plates are phenomenal now. Why haven't they come out with biodegradable cutlery yet? Is that a thing in some places? I have never seen them anywhere when I've traveled.",
">\n\nRecently ate in a cafeteria at a museum. Cutlery was biodegradable",
">\n\nAnd now restaurants will offer limited edition forks and spoons for sale, and customers will collect a few dozen before throwing them out. Just like with the Dickies cups and KFC containers I've accumulated over the years."
] |
>
Any help available for non-bowlers?
'sofa cups' search doesn't seem relevant.
|
[
"“Under the new rules, any restaurant with more than 20 seats – including work canteens, bakery chains, fast-food and sushi outlets – will have to provide reusable, washable cups, plates, dishes and cutlery for customers eating in.”\nPost COVID I rarely see people dinning in at fast food restaurants. I assume the quickest way to become compliant in most locations is to reduce the number of seats to 20.",
">\n\n“Work canteens” (aka cafeterias) will be a big one. Large manufacturers won’t want to get rid of it, and seats can’t be reduced to less than 20.",
">\n\nLarge cafeterias in France generally have reusable plates and cutlery. It simply saves money.",
">\n\nOpposite here in the states. Having the disposable plates and cutlery saves on having to pay a dishwasher.",
">\n\nI don't think I have ever been to a cafeteria here in the states that didn't have reusable plates and cups. Schools, universities, hospitals, even commercial ones like K&W cafeteria or Ikea.",
">\n\nI work at a large (Fortune 100) manufacturer in the Midwest. Plates are compostable, cutlery is plastic. Cafeteria is contracted out to Aramark across all their US locations.",
">\n\nThey've come out with better straws recently that don't turn into sog but still biodegradable. Paper plates are phenomenal now. Why haven't they come out with biodegradable cutlery yet? Is that a thing in some places? I have never seen them anywhere when I've traveled.",
">\n\nRecently ate in a cafeteria at a museum. Cutlery was biodegradable",
">\n\nAnd now restaurants will offer limited edition forks and spoons for sale, and customers will collect a few dozen before throwing them out. Just like with the Dickies cups and KFC containers I've accumulated over the years.",
">\n\nSo back to those fake frosted plastic sofa cups you used to get at the bowling alley that were un breakable and lasted forever?"
] |
>
Meant soda cups but now I feel someone needs to invent a sofa cup!
|
[
"“Under the new rules, any restaurant with more than 20 seats – including work canteens, bakery chains, fast-food and sushi outlets – will have to provide reusable, washable cups, plates, dishes and cutlery for customers eating in.”\nPost COVID I rarely see people dinning in at fast food restaurants. I assume the quickest way to become compliant in most locations is to reduce the number of seats to 20.",
">\n\n“Work canteens” (aka cafeterias) will be a big one. Large manufacturers won’t want to get rid of it, and seats can’t be reduced to less than 20.",
">\n\nLarge cafeterias in France generally have reusable plates and cutlery. It simply saves money.",
">\n\nOpposite here in the states. Having the disposable plates and cutlery saves on having to pay a dishwasher.",
">\n\nI don't think I have ever been to a cafeteria here in the states that didn't have reusable plates and cups. Schools, universities, hospitals, even commercial ones like K&W cafeteria or Ikea.",
">\n\nI work at a large (Fortune 100) manufacturer in the Midwest. Plates are compostable, cutlery is plastic. Cafeteria is contracted out to Aramark across all their US locations.",
">\n\nThey've come out with better straws recently that don't turn into sog but still biodegradable. Paper plates are phenomenal now. Why haven't they come out with biodegradable cutlery yet? Is that a thing in some places? I have never seen them anywhere when I've traveled.",
">\n\nRecently ate in a cafeteria at a museum. Cutlery was biodegradable",
">\n\nAnd now restaurants will offer limited edition forks and spoons for sale, and customers will collect a few dozen before throwing them out. Just like with the Dickies cups and KFC containers I've accumulated over the years.",
">\n\nSo back to those fake frosted plastic sofa cups you used to get at the bowling alley that were un breakable and lasted forever?",
">\n\nAny help available for non-bowlers?\n'sofa cups' search doesn't seem relevant."
] |
>
Plastic spork manufacturers are rejoicing
|
[
"“Under the new rules, any restaurant with more than 20 seats – including work canteens, bakery chains, fast-food and sushi outlets – will have to provide reusable, washable cups, plates, dishes and cutlery for customers eating in.”\nPost COVID I rarely see people dinning in at fast food restaurants. I assume the quickest way to become compliant in most locations is to reduce the number of seats to 20.",
">\n\n“Work canteens” (aka cafeterias) will be a big one. Large manufacturers won’t want to get rid of it, and seats can’t be reduced to less than 20.",
">\n\nLarge cafeterias in France generally have reusable plates and cutlery. It simply saves money.",
">\n\nOpposite here in the states. Having the disposable plates and cutlery saves on having to pay a dishwasher.",
">\n\nI don't think I have ever been to a cafeteria here in the states that didn't have reusable plates and cups. Schools, universities, hospitals, even commercial ones like K&W cafeteria or Ikea.",
">\n\nI work at a large (Fortune 100) manufacturer in the Midwest. Plates are compostable, cutlery is plastic. Cafeteria is contracted out to Aramark across all their US locations.",
">\n\nThey've come out with better straws recently that don't turn into sog but still biodegradable. Paper plates are phenomenal now. Why haven't they come out with biodegradable cutlery yet? Is that a thing in some places? I have never seen them anywhere when I've traveled.",
">\n\nRecently ate in a cafeteria at a museum. Cutlery was biodegradable",
">\n\nAnd now restaurants will offer limited edition forks and spoons for sale, and customers will collect a few dozen before throwing them out. Just like with the Dickies cups and KFC containers I've accumulated over the years.",
">\n\nSo back to those fake frosted plastic sofa cups you used to get at the bowling alley that were un breakable and lasted forever?",
">\n\nAny help available for non-bowlers?\n'sofa cups' search doesn't seem relevant.",
">\n\nMeant soda cups but now I feel someone needs to invent a sofa cup!"
] |
>
shouldnt they be sad
|
[
"“Under the new rules, any restaurant with more than 20 seats – including work canteens, bakery chains, fast-food and sushi outlets – will have to provide reusable, washable cups, plates, dishes and cutlery for customers eating in.”\nPost COVID I rarely see people dinning in at fast food restaurants. I assume the quickest way to become compliant in most locations is to reduce the number of seats to 20.",
">\n\n“Work canteens” (aka cafeterias) will be a big one. Large manufacturers won’t want to get rid of it, and seats can’t be reduced to less than 20.",
">\n\nLarge cafeterias in France generally have reusable plates and cutlery. It simply saves money.",
">\n\nOpposite here in the states. Having the disposable plates and cutlery saves on having to pay a dishwasher.",
">\n\nI don't think I have ever been to a cafeteria here in the states that didn't have reusable plates and cups. Schools, universities, hospitals, even commercial ones like K&W cafeteria or Ikea.",
">\n\nI work at a large (Fortune 100) manufacturer in the Midwest. Plates are compostable, cutlery is plastic. Cafeteria is contracted out to Aramark across all their US locations.",
">\n\nThey've come out with better straws recently that don't turn into sog but still biodegradable. Paper plates are phenomenal now. Why haven't they come out with biodegradable cutlery yet? Is that a thing in some places? I have never seen them anywhere when I've traveled.",
">\n\nRecently ate in a cafeteria at a museum. Cutlery was biodegradable",
">\n\nAnd now restaurants will offer limited edition forks and spoons for sale, and customers will collect a few dozen before throwing them out. Just like with the Dickies cups and KFC containers I've accumulated over the years.",
">\n\nSo back to those fake frosted plastic sofa cups you used to get at the bowling alley that were un breakable and lasted forever?",
">\n\nAny help available for non-bowlers?\n'sofa cups' search doesn't seem relevant.",
">\n\nMeant soda cups but now I feel someone needs to invent a sofa cup!",
">\n\nPlastic spork manufacturers are rejoicing"
] |
>
No because a spork has two uses!
|
[
"“Under the new rules, any restaurant with more than 20 seats – including work canteens, bakery chains, fast-food and sushi outlets – will have to provide reusable, washable cups, plates, dishes and cutlery for customers eating in.”\nPost COVID I rarely see people dinning in at fast food restaurants. I assume the quickest way to become compliant in most locations is to reduce the number of seats to 20.",
">\n\n“Work canteens” (aka cafeterias) will be a big one. Large manufacturers won’t want to get rid of it, and seats can’t be reduced to less than 20.",
">\n\nLarge cafeterias in France generally have reusable plates and cutlery. It simply saves money.",
">\n\nOpposite here in the states. Having the disposable plates and cutlery saves on having to pay a dishwasher.",
">\n\nI don't think I have ever been to a cafeteria here in the states that didn't have reusable plates and cups. Schools, universities, hospitals, even commercial ones like K&W cafeteria or Ikea.",
">\n\nI work at a large (Fortune 100) manufacturer in the Midwest. Plates are compostable, cutlery is plastic. Cafeteria is contracted out to Aramark across all their US locations.",
">\n\nThey've come out with better straws recently that don't turn into sog but still biodegradable. Paper plates are phenomenal now. Why haven't they come out with biodegradable cutlery yet? Is that a thing in some places? I have never seen them anywhere when I've traveled.",
">\n\nRecently ate in a cafeteria at a museum. Cutlery was biodegradable",
">\n\nAnd now restaurants will offer limited edition forks and spoons for sale, and customers will collect a few dozen before throwing them out. Just like with the Dickies cups and KFC containers I've accumulated over the years.",
">\n\nSo back to those fake frosted plastic sofa cups you used to get at the bowling alley that were un breakable and lasted forever?",
">\n\nAny help available for non-bowlers?\n'sofa cups' search doesn't seem relevant.",
">\n\nMeant soda cups but now I feel someone needs to invent a sofa cup!",
">\n\nPlastic spork manufacturers are rejoicing",
">\n\nshouldnt they be sad"
] |
>
mr u/confident_mark owes you a share of my upvote.
|
[
"“Under the new rules, any restaurant with more than 20 seats – including work canteens, bakery chains, fast-food and sushi outlets – will have to provide reusable, washable cups, plates, dishes and cutlery for customers eating in.”\nPost COVID I rarely see people dinning in at fast food restaurants. I assume the quickest way to become compliant in most locations is to reduce the number of seats to 20.",
">\n\n“Work canteens” (aka cafeterias) will be a big one. Large manufacturers won’t want to get rid of it, and seats can’t be reduced to less than 20.",
">\n\nLarge cafeterias in France generally have reusable plates and cutlery. It simply saves money.",
">\n\nOpposite here in the states. Having the disposable plates and cutlery saves on having to pay a dishwasher.",
">\n\nI don't think I have ever been to a cafeteria here in the states that didn't have reusable plates and cups. Schools, universities, hospitals, even commercial ones like K&W cafeteria or Ikea.",
">\n\nI work at a large (Fortune 100) manufacturer in the Midwest. Plates are compostable, cutlery is plastic. Cafeteria is contracted out to Aramark across all their US locations.",
">\n\nThey've come out with better straws recently that don't turn into sog but still biodegradable. Paper plates are phenomenal now. Why haven't they come out with biodegradable cutlery yet? Is that a thing in some places? I have never seen them anywhere when I've traveled.",
">\n\nRecently ate in a cafeteria at a museum. Cutlery was biodegradable",
">\n\nAnd now restaurants will offer limited edition forks and spoons for sale, and customers will collect a few dozen before throwing them out. Just like with the Dickies cups and KFC containers I've accumulated over the years.",
">\n\nSo back to those fake frosted plastic sofa cups you used to get at the bowling alley that were un breakable and lasted forever?",
">\n\nAny help available for non-bowlers?\n'sofa cups' search doesn't seem relevant.",
">\n\nMeant soda cups but now I feel someone needs to invent a sofa cup!",
">\n\nPlastic spork manufacturers are rejoicing",
">\n\nshouldnt they be sad",
">\n\nNo because a spork has two uses!"
] |
>
And if anyone knows a Revolution, it’s France.
|
[
"“Under the new rules, any restaurant with more than 20 seats – including work canteens, bakery chains, fast-food and sushi outlets – will have to provide reusable, washable cups, plates, dishes and cutlery for customers eating in.”\nPost COVID I rarely see people dinning in at fast food restaurants. I assume the quickest way to become compliant in most locations is to reduce the number of seats to 20.",
">\n\n“Work canteens” (aka cafeterias) will be a big one. Large manufacturers won’t want to get rid of it, and seats can’t be reduced to less than 20.",
">\n\nLarge cafeterias in France generally have reusable plates and cutlery. It simply saves money.",
">\n\nOpposite here in the states. Having the disposable plates and cutlery saves on having to pay a dishwasher.",
">\n\nI don't think I have ever been to a cafeteria here in the states that didn't have reusable plates and cups. Schools, universities, hospitals, even commercial ones like K&W cafeteria or Ikea.",
">\n\nI work at a large (Fortune 100) manufacturer in the Midwest. Plates are compostable, cutlery is plastic. Cafeteria is contracted out to Aramark across all their US locations.",
">\n\nThey've come out with better straws recently that don't turn into sog but still biodegradable. Paper plates are phenomenal now. Why haven't they come out with biodegradable cutlery yet? Is that a thing in some places? I have never seen them anywhere when I've traveled.",
">\n\nRecently ate in a cafeteria at a museum. Cutlery was biodegradable",
">\n\nAnd now restaurants will offer limited edition forks and spoons for sale, and customers will collect a few dozen before throwing them out. Just like with the Dickies cups and KFC containers I've accumulated over the years.",
">\n\nSo back to those fake frosted plastic sofa cups you used to get at the bowling alley that were un breakable and lasted forever?",
">\n\nAny help available for non-bowlers?\n'sofa cups' search doesn't seem relevant.",
">\n\nMeant soda cups but now I feel someone needs to invent a sofa cup!",
">\n\nPlastic spork manufacturers are rejoicing",
">\n\nshouldnt they be sad",
">\n\nNo because a spork has two uses!",
">\n\nmr u/confident_mark owes you a share of my upvote."
] |
>
I'm not going to trust McDonald's to properly sterilize cutlery other customers before me have used.
|
[
"“Under the new rules, any restaurant with more than 20 seats – including work canteens, bakery chains, fast-food and sushi outlets – will have to provide reusable, washable cups, plates, dishes and cutlery for customers eating in.”\nPost COVID I rarely see people dinning in at fast food restaurants. I assume the quickest way to become compliant in most locations is to reduce the number of seats to 20.",
">\n\n“Work canteens” (aka cafeterias) will be a big one. Large manufacturers won’t want to get rid of it, and seats can’t be reduced to less than 20.",
">\n\nLarge cafeterias in France generally have reusable plates and cutlery. It simply saves money.",
">\n\nOpposite here in the states. Having the disposable plates and cutlery saves on having to pay a dishwasher.",
">\n\nI don't think I have ever been to a cafeteria here in the states that didn't have reusable plates and cups. Schools, universities, hospitals, even commercial ones like K&W cafeteria or Ikea.",
">\n\nI work at a large (Fortune 100) manufacturer in the Midwest. Plates are compostable, cutlery is plastic. Cafeteria is contracted out to Aramark across all their US locations.",
">\n\nThey've come out with better straws recently that don't turn into sog but still biodegradable. Paper plates are phenomenal now. Why haven't they come out with biodegradable cutlery yet? Is that a thing in some places? I have never seen them anywhere when I've traveled.",
">\n\nRecently ate in a cafeteria at a museum. Cutlery was biodegradable",
">\n\nAnd now restaurants will offer limited edition forks and spoons for sale, and customers will collect a few dozen before throwing them out. Just like with the Dickies cups and KFC containers I've accumulated over the years.",
">\n\nSo back to those fake frosted plastic sofa cups you used to get at the bowling alley that were un breakable and lasted forever?",
">\n\nAny help available for non-bowlers?\n'sofa cups' search doesn't seem relevant.",
">\n\nMeant soda cups but now I feel someone needs to invent a sofa cup!",
">\n\nPlastic spork manufacturers are rejoicing",
">\n\nshouldnt they be sad",
">\n\nNo because a spork has two uses!",
">\n\nmr u/confident_mark owes you a share of my upvote.",
">\n\nAnd if anyone knows a Revolution, it’s France."
] |
>
Thankfully you don’t need a fork to eat a hamburger or fries. I would definitely rethink eating anything that needed a fork like a pancake or loaded fries if something like was passed where I live.
|
[
"“Under the new rules, any restaurant with more than 20 seats – including work canteens, bakery chains, fast-food and sushi outlets – will have to provide reusable, washable cups, plates, dishes and cutlery for customers eating in.”\nPost COVID I rarely see people dinning in at fast food restaurants. I assume the quickest way to become compliant in most locations is to reduce the number of seats to 20.",
">\n\n“Work canteens” (aka cafeterias) will be a big one. Large manufacturers won’t want to get rid of it, and seats can’t be reduced to less than 20.",
">\n\nLarge cafeterias in France generally have reusable plates and cutlery. It simply saves money.",
">\n\nOpposite here in the states. Having the disposable plates and cutlery saves on having to pay a dishwasher.",
">\n\nI don't think I have ever been to a cafeteria here in the states that didn't have reusable plates and cups. Schools, universities, hospitals, even commercial ones like K&W cafeteria or Ikea.",
">\n\nI work at a large (Fortune 100) manufacturer in the Midwest. Plates are compostable, cutlery is plastic. Cafeteria is contracted out to Aramark across all their US locations.",
">\n\nThey've come out with better straws recently that don't turn into sog but still biodegradable. Paper plates are phenomenal now. Why haven't they come out with biodegradable cutlery yet? Is that a thing in some places? I have never seen them anywhere when I've traveled.",
">\n\nRecently ate in a cafeteria at a museum. Cutlery was biodegradable",
">\n\nAnd now restaurants will offer limited edition forks and spoons for sale, and customers will collect a few dozen before throwing them out. Just like with the Dickies cups and KFC containers I've accumulated over the years.",
">\n\nSo back to those fake frosted plastic sofa cups you used to get at the bowling alley that were un breakable and lasted forever?",
">\n\nAny help available for non-bowlers?\n'sofa cups' search doesn't seem relevant.",
">\n\nMeant soda cups but now I feel someone needs to invent a sofa cup!",
">\n\nPlastic spork manufacturers are rejoicing",
">\n\nshouldnt they be sad",
">\n\nNo because a spork has two uses!",
">\n\nmr u/confident_mark owes you a share of my upvote.",
">\n\nAnd if anyone knows a Revolution, it’s France.",
">\n\nI'm not going to trust McDonald's to properly sterilize cutlery other customers before me have used."
] |
>
Ice cream?
|
[
"“Under the new rules, any restaurant with more than 20 seats – including work canteens, bakery chains, fast-food and sushi outlets – will have to provide reusable, washable cups, plates, dishes and cutlery for customers eating in.”\nPost COVID I rarely see people dinning in at fast food restaurants. I assume the quickest way to become compliant in most locations is to reduce the number of seats to 20.",
">\n\n“Work canteens” (aka cafeterias) will be a big one. Large manufacturers won’t want to get rid of it, and seats can’t be reduced to less than 20.",
">\n\nLarge cafeterias in France generally have reusable plates and cutlery. It simply saves money.",
">\n\nOpposite here in the states. Having the disposable plates and cutlery saves on having to pay a dishwasher.",
">\n\nI don't think I have ever been to a cafeteria here in the states that didn't have reusable plates and cups. Schools, universities, hospitals, even commercial ones like K&W cafeteria or Ikea.",
">\n\nI work at a large (Fortune 100) manufacturer in the Midwest. Plates are compostable, cutlery is plastic. Cafeteria is contracted out to Aramark across all their US locations.",
">\n\nThey've come out with better straws recently that don't turn into sog but still biodegradable. Paper plates are phenomenal now. Why haven't they come out with biodegradable cutlery yet? Is that a thing in some places? I have never seen them anywhere when I've traveled.",
">\n\nRecently ate in a cafeteria at a museum. Cutlery was biodegradable",
">\n\nAnd now restaurants will offer limited edition forks and spoons for sale, and customers will collect a few dozen before throwing them out. Just like with the Dickies cups and KFC containers I've accumulated over the years.",
">\n\nSo back to those fake frosted plastic sofa cups you used to get at the bowling alley that were un breakable and lasted forever?",
">\n\nAny help available for non-bowlers?\n'sofa cups' search doesn't seem relevant.",
">\n\nMeant soda cups but now I feel someone needs to invent a sofa cup!",
">\n\nPlastic spork manufacturers are rejoicing",
">\n\nshouldnt they be sad",
">\n\nNo because a spork has two uses!",
">\n\nmr u/confident_mark owes you a share of my upvote.",
">\n\nAnd if anyone knows a Revolution, it’s France.",
">\n\nI'm not going to trust McDonald's to properly sterilize cutlery other customers before me have used.",
">\n\nThankfully you don’t need a fork to eat a hamburger or fries. I would definitely rethink eating anything that needed a fork like a pancake or loaded fries if something like was passed where I live."
] |
>
You don’t need a spoon if you get it on a cone!
|
[
"“Under the new rules, any restaurant with more than 20 seats – including work canteens, bakery chains, fast-food and sushi outlets – will have to provide reusable, washable cups, plates, dishes and cutlery for customers eating in.”\nPost COVID I rarely see people dinning in at fast food restaurants. I assume the quickest way to become compliant in most locations is to reduce the number of seats to 20.",
">\n\n“Work canteens” (aka cafeterias) will be a big one. Large manufacturers won’t want to get rid of it, and seats can’t be reduced to less than 20.",
">\n\nLarge cafeterias in France generally have reusable plates and cutlery. It simply saves money.",
">\n\nOpposite here in the states. Having the disposable plates and cutlery saves on having to pay a dishwasher.",
">\n\nI don't think I have ever been to a cafeteria here in the states that didn't have reusable plates and cups. Schools, universities, hospitals, even commercial ones like K&W cafeteria or Ikea.",
">\n\nI work at a large (Fortune 100) manufacturer in the Midwest. Plates are compostable, cutlery is plastic. Cafeteria is contracted out to Aramark across all their US locations.",
">\n\nThey've come out with better straws recently that don't turn into sog but still biodegradable. Paper plates are phenomenal now. Why haven't they come out with biodegradable cutlery yet? Is that a thing in some places? I have never seen them anywhere when I've traveled.",
">\n\nRecently ate in a cafeteria at a museum. Cutlery was biodegradable",
">\n\nAnd now restaurants will offer limited edition forks and spoons for sale, and customers will collect a few dozen before throwing them out. Just like with the Dickies cups and KFC containers I've accumulated over the years.",
">\n\nSo back to those fake frosted plastic sofa cups you used to get at the bowling alley that were un breakable and lasted forever?",
">\n\nAny help available for non-bowlers?\n'sofa cups' search doesn't seem relevant.",
">\n\nMeant soda cups but now I feel someone needs to invent a sofa cup!",
">\n\nPlastic spork manufacturers are rejoicing",
">\n\nshouldnt they be sad",
">\n\nNo because a spork has two uses!",
">\n\nmr u/confident_mark owes you a share of my upvote.",
">\n\nAnd if anyone knows a Revolution, it’s France.",
">\n\nI'm not going to trust McDonald's to properly sterilize cutlery other customers before me have used.",
">\n\nThankfully you don’t need a fork to eat a hamburger or fries. I would definitely rethink eating anything that needed a fork like a pancake or loaded fries if something like was passed where I live.",
">\n\nIce cream?"
] |
>
McFlurry is going to be tough using your hands.
|
[
"“Under the new rules, any restaurant with more than 20 seats – including work canteens, bakery chains, fast-food and sushi outlets – will have to provide reusable, washable cups, plates, dishes and cutlery for customers eating in.”\nPost COVID I rarely see people dinning in at fast food restaurants. I assume the quickest way to become compliant in most locations is to reduce the number of seats to 20.",
">\n\n“Work canteens” (aka cafeterias) will be a big one. Large manufacturers won’t want to get rid of it, and seats can’t be reduced to less than 20.",
">\n\nLarge cafeterias in France generally have reusable plates and cutlery. It simply saves money.",
">\n\nOpposite here in the states. Having the disposable plates and cutlery saves on having to pay a dishwasher.",
">\n\nI don't think I have ever been to a cafeteria here in the states that didn't have reusable plates and cups. Schools, universities, hospitals, even commercial ones like K&W cafeteria or Ikea.",
">\n\nI work at a large (Fortune 100) manufacturer in the Midwest. Plates are compostable, cutlery is plastic. Cafeteria is contracted out to Aramark across all their US locations.",
">\n\nThey've come out with better straws recently that don't turn into sog but still biodegradable. Paper plates are phenomenal now. Why haven't they come out with biodegradable cutlery yet? Is that a thing in some places? I have never seen them anywhere when I've traveled.",
">\n\nRecently ate in a cafeteria at a museum. Cutlery was biodegradable",
">\n\nAnd now restaurants will offer limited edition forks and spoons for sale, and customers will collect a few dozen before throwing them out. Just like with the Dickies cups and KFC containers I've accumulated over the years.",
">\n\nSo back to those fake frosted plastic sofa cups you used to get at the bowling alley that were un breakable and lasted forever?",
">\n\nAny help available for non-bowlers?\n'sofa cups' search doesn't seem relevant.",
">\n\nMeant soda cups but now I feel someone needs to invent a sofa cup!",
">\n\nPlastic spork manufacturers are rejoicing",
">\n\nshouldnt they be sad",
">\n\nNo because a spork has two uses!",
">\n\nmr u/confident_mark owes you a share of my upvote.",
">\n\nAnd if anyone knows a Revolution, it’s France.",
">\n\nI'm not going to trust McDonald's to properly sterilize cutlery other customers before me have used.",
">\n\nThankfully you don’t need a fork to eat a hamburger or fries. I would definitely rethink eating anything that needed a fork like a pancake or loaded fries if something like was passed where I live.",
">\n\nIce cream?",
">\n\nYou don’t need a spoon if you get it on a cone!"
] |
>
Just heat it up and drink it
|
[
"“Under the new rules, any restaurant with more than 20 seats – including work canteens, bakery chains, fast-food and sushi outlets – will have to provide reusable, washable cups, plates, dishes and cutlery for customers eating in.”\nPost COVID I rarely see people dinning in at fast food restaurants. I assume the quickest way to become compliant in most locations is to reduce the number of seats to 20.",
">\n\n“Work canteens” (aka cafeterias) will be a big one. Large manufacturers won’t want to get rid of it, and seats can’t be reduced to less than 20.",
">\n\nLarge cafeterias in France generally have reusable plates and cutlery. It simply saves money.",
">\n\nOpposite here in the states. Having the disposable plates and cutlery saves on having to pay a dishwasher.",
">\n\nI don't think I have ever been to a cafeteria here in the states that didn't have reusable plates and cups. Schools, universities, hospitals, even commercial ones like K&W cafeteria or Ikea.",
">\n\nI work at a large (Fortune 100) manufacturer in the Midwest. Plates are compostable, cutlery is plastic. Cafeteria is contracted out to Aramark across all their US locations.",
">\n\nThey've come out with better straws recently that don't turn into sog but still biodegradable. Paper plates are phenomenal now. Why haven't they come out with biodegradable cutlery yet? Is that a thing in some places? I have never seen them anywhere when I've traveled.",
">\n\nRecently ate in a cafeteria at a museum. Cutlery was biodegradable",
">\n\nAnd now restaurants will offer limited edition forks and spoons for sale, and customers will collect a few dozen before throwing them out. Just like with the Dickies cups and KFC containers I've accumulated over the years.",
">\n\nSo back to those fake frosted plastic sofa cups you used to get at the bowling alley that were un breakable and lasted forever?",
">\n\nAny help available for non-bowlers?\n'sofa cups' search doesn't seem relevant.",
">\n\nMeant soda cups but now I feel someone needs to invent a sofa cup!",
">\n\nPlastic spork manufacturers are rejoicing",
">\n\nshouldnt they be sad",
">\n\nNo because a spork has two uses!",
">\n\nmr u/confident_mark owes you a share of my upvote.",
">\n\nAnd if anyone knows a Revolution, it’s France.",
">\n\nI'm not going to trust McDonald's to properly sterilize cutlery other customers before me have used.",
">\n\nThankfully you don’t need a fork to eat a hamburger or fries. I would definitely rethink eating anything that needed a fork like a pancake or loaded fries if something like was passed where I live.",
">\n\nIce cream?",
">\n\nYou don’t need a spoon if you get it on a cone!",
">\n\nMcFlurry is going to be tough using your hands."
] |
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