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The "American Dream" costs far more than most people will earn over their lifetime
(www.cbsnews.com)
this post was submitted on 13 Dec 2023
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Are you me? Wow.
Now, I don't know where you live, but Canada at least has old age security (and a pension plan) that should offset a good chunk of your expenses when you retire.
That's in addition to whatever you do manage to put away.
However, it really helps if you own a home and are mortgage free by the time you hit retirement age.
I do own my house and hopefully will be mortgage free by the time I retire (or hit retirement age). I'm in New York State. Social Security would theoretically help, but who knows if it'll be around in 30 years. If it's not, I'll be working until I'm 90. If it is, I might be able to retire at 75. Assuming I don't have any large, unexpected expenses (which is a huge assumption).
Our future looks grim, friend. May the odds be ever in our favor. 🫰
US also has Social Security to help fund a basic retirement but it’s pretty minimal. It is enough to keep you from living on cat food
I also can’t finish paying off my mortgage before I should retire and given rampant ageism, I don’t know whether I’ll be able to find a job that long. And Social Security won’t cover my mortgage plus utilities
And even worse, Social Security needs adjustments to be able to continue meeting its commitments. The longer our political leaders avoid that, the more impact it will have when they are forced to do their jobs