A new survey shows the significant gap between how much millennials expect they need to retire ($1.7 million) and what they've roughly saved so far ($63,000)
Also $1.7m today is like $4m by the time millenials hit retiremwnt.
this post was submitted on 02 Jun 2024
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My company’s 401k person came in to sell their wares, and I did that inflation math in front of them. I think I made a lot of employees afraid for their future.
If you put your money in index funds, you can expect it to beat inflation by about 7-8% on average, especially over the course of a decades-long working career. It's usually not worth it to ever look at the non-adjusted projected value.
Did they even match? No match is madness.
50% up to 6% (so 3%). But its vested over 5 years… which is a middle finger if you ask me.
Is that vesting for each contribution? For every company I've worked at, it's 0% vested until X years, then 100% immediately vested for all contributions.
It’s 20% per year. It’s not… bad… but this 401k is going to be a joke when I retire.
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I thought I was doing well and that I had a chance, but saving multiple millions for retirement sounds impossible. If I want retirement, I’ll probably have to move to a low cost-of-living country.
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Hey at least we have social security to look forward to, right guys? Haha......right? Why you looking at me like that?
Nearly three decades ago, I remember my grandpa being pissed about proposed changes to social security which were supposed prevent it from going bankrupt. When I asked what his solution was, he said that he paid into the system his whole life, and they owe him the full benefits he was promised. He got a lot more pissed when I asked if he was fine with me paying into the system my whole life and getting nothing, but he didn't really have an answer. And somehow, I'm sure he thought he won that argument.
Ah, yes. The plans laid out by the ultra wealthy bear fruit. We blame and shame each othe while they pay no taxes! Mr. Burns would be proud.
Remember that just five years ago, Trumpcsigned a tax bill that gave the wealthiest amongst us a collective two trillion dollar tax cut that cost me the home interest and local tax deductions i depended upon. My crime was living in a "blue state".
In addition, the only party with a serious bill proposed to expand Social Security is the Democrats, which would be paid for by raising the cap where taxes are currently paid on only the first $147,000 of earnings. Republicans plan to sunset and privatize all of our benefits, throwing the elderly into poverty just so Wall Street can skim a few billion off the top.
Many many years ago I realized that there would be no social security by the time I retired. Lo and behold Social Security will only pay 70% of its dues 3 years before I retire.
The good news is I've been saving for retirement since the age of 25. The bad news is there's been a plethora of problems that have restricted my ability to save.
Thankfully, I I'm in a way better place than most people. Unfortunately I am still going to fall short.
Same.....same. I'm a father of three, single income. I put away about $350 a month into a 401k for retirement. It's not enough, but between housing, fixing things that break, health coverage, etc. it's the best I can do.
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My retirement plan is to die in the climate wars.
............this is news?
My plan for retirement is suicide.
Remember don't be selfish. Take a boardroom down with you.
I will admit the idea has crossed my mind. We will see where things are when I plan to retire.
Retirement plan for me is dead by 60, because climate change will have made living an absolute misery.
This is why I now have a motorcycle.
What is the motorcycle for? Fun because fuck it?
My risk analysis prior was that it wasn't worth it. That has since changed.
You can still be a vegetable until 80.
Probably a reference to how many people died because of crashes in them.
Our retirement plans are to sustain ourselves by eating the rich.
The average human body can’t actually sustain a person for a day. People aren’t meant to be cannibals.
No, we eat the rich to send a message.
I'm not saying my retirement plan is a fantasy, but it was last seen hanging out with Bigfoot and a mermaid.
Serious question: Has there ever been a non-violent solution a situation this dire?
Follow-up question: Would this problem be fixable if conservatives were removed from the equation?
We need to get rid of all those old people in office. They don't care about the future, only about control. They need to go.
Yup. The adults gave themselves the authority to declare perpetual adult swim. And now people are realizing that they’ve spent the entire time shitting in the pool before they die.
You don't say
Gen X here.
Not going to be able to retire.
I vote we stop posting these articles that continue to assign people motives based on an arbitrary age grouping system. It's fucking infuriating reading these headlines
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