this post was submitted on 18 Jun 2024
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Claire*, 42, was always told: “Follow your dreams and the money will follow.” So that’s what she did. At 24, she opened a retail store with a friend in downtown Ottawa, Canada. She’d managed to save enough from a part-time government job during university to start the business without taking out a loan.

For many years, the store did well – they even opened a second location. Claire started to feel financially secure. “A few years ago I was like, wow, I actually might be able to do this until I retire,” she told me. “I’ll never be rich, but I have a really wonderful work-life balance and I’ll have enough.”

But in midlife, she can’t afford to buy a house, and she’s increasingly worried about what retirement would look like, or if it would even be possible. “Was I foolish to think this could work?” she now wonders.

She’s one of many millennials who, in their 40s, are panicking about the realities of midlife: financial precarity, housing insecurity, job instability and difficulty saving for the future. It’s a different kind of midlife crisis – less impulsive sports car purchase and more “will I ever retire?” In fact, a new survey of 1,000 millennials showed that 81% feel they can’t afford to have a midlife crisis. Our generation is the first to be downwardly mobile, at least in the US, and do less well than our parents financially. What will the next 40 years will look like?

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[–] [email protected] 160 points 6 months ago* (last edited 6 months ago) (7 children)

The next forty years will look like absolute hell and the lack of proper services for the explosive number of diseases in the millennial cohort will directly contribute.

  1. Milliennials by and large don't have enough money to retire, and they are experiencing in striking numbers high rates of immunodeficiency and cancers. (I was personally diagnosed with cancer at 42. You know, the ultimate answer to life the universe and everything...) This will mean they will need more elder care and sooner... and they won't really be able to afford it.

  2. No Child Left Behind has properly fucked US education for the foreseeable future, and US education was abysmal before that already. The elderly are going to be being taken care of by adults who may be functionally illiterate and when you're functionally illiterate, you can become anti-vax even if you got hired as caretaker for the elderly. (Not all will grow up to be functionally illiterate, but if we're to take teachers at their word, the gap between the struggling kids and the smart kids is wider than ever. As in C students functionally don't exist, only A students and F students, and the F students are the larger group who are being passed on to higher grades just to hit numbers.)

  3. On top of education being gutted and there being a dangerous future of incapable people being put in these jobs because there's no one else to do them: The collapse in birth rate because nobody can afford to have fucking kids will also make this problem worse as fewer and fewer workers will be available to take care of more and more elderly and infirm people.

  4. Most of the places that take care of the elderly are being bought up at rapid pace by investment groups, private equity, hedge funds, and the like, and all they do is cut services, make things worse, and cause more suffering and death so they can wring more money out of people suffering at the end of their lives. How many of these businesses will even still exist in 20 years? Many of them are shutting down constantly because the numbers just don't add up, or because the private equity group that bought it has finished hollowing it out and there's simply no money left.

  5. Because of all of this, we will see an absolute explosion of homelessness in the elderly.

  6. You can bet your ass fuck-nothing will be done to prevent any of this. Especially if Trump wins in November, then we're dealing with this process outright accelerating at a breakneck pace.

  7. Oh and just for "fun" we can expect to see a lot more police violence against poverty-striken old people. "STOP RESISTING OLD MAN!"

EDIT: Oh yeah, and that's not even counting climate change, finite amounts of topsoil left, potential pandemics, and the fact that most of the world doesn't even have access to clean water. I try to keep an eye on neat, simple engineering projects from poor countries because we may need to rely on similar options soon enough ourselves.

EDIT II: Get involved in Mutual Aid Groups. We all have skills. No one is coming to save us. No government or political party or corporation. We have to save each other, and that will be very difficult to achieve. I forget the writer, but she said something like "No dictator is ever going to bring about the revolution. It will always have to come from the bottom organizing together." The only thing we can do is help one another. It will not be easy or fair or entirely successful.

[–] [email protected] 42 points 6 months ago (9 children)

US education was abysmal before that already

Solid points all around, but I wanted to add one historical tidbit: at one point the USA had literally the best edumacashiun in the world. After WWII, the other nations (like the UK + those in the EU) were bombed all to hell & back whereas the USA was relatively fine. People like Bill Gates advocated strongly for US education funding, b/c it helped feed that behemoth giant of a corporation to have an already-educated workforce, funded by US tax dollars, that they could take advantage of.

We have fallen FAR down the world rankings since then. Tbf, some of that may reflect changes in measurements e.g. does "every" kid need one, or can some be excused to go be a farmhand without needing to finish? (this affects averaged measurements, but not peak ones, or the previously thus-filtered ones)

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[–] afraid_of_zombies 36 points 6 months ago (4 children)

try to keep an eye on neat, simple engineering projects from poor countries because we may need to rely on similar options soon enough ourselves.

I am just sitting here as a infrastructure guy trying not to have a mental break of crying and laughing. It's so fucking bad and getting so much worse. You know what was today's item? I am working on one small system for a replacement wastewater treatment plant for a town of about 3,000 people that the pieces of shit general contractor has dragged out for 8 fucking years. 8 years for a project that should have taken 6 months. They haven't done any work. Longer it goes on the more they get to bill. Oh and my favorite part? The general contractor is one of the bigger ones, they have a Wikipedia page.

Cost disease is going to break us. Entire country is going to be spending a trillion a year with the water supply of Flint.

Now if you excuse me I am going to drink now. Cause fuck it I can't save anyone.

[–] [email protected] 19 points 6 months ago* (last edited 6 months ago) (1 children)

Cause fuck it I can’t save anyone.

You've done your best. It's definitely not personally your job to save anyone anyway. If we can't figure out how to do it collectively, well, maybe we just suck as a species. Thanks for doing what you could and can and don't bemoan yourself for your inability to fight a broken system on your own. I don't expect engineers and scientists and doctors who have been telling us this shit needs to be done for years to have any fucking patience for it anymore. You've all done your bit.

Also, thanks because I've just been assuming as much has been going on behind the scenes for a long time. I've been saying for years the entire nation gave up on any idea of long-term maintenance of anything in the 90's. We've had failing infrastructure grades for bridges all over the country since at least 2010, if not earlier, and fuck-all has been done. I'm not even close to being an engineer, but I've helped some friends with some basic construction and I'm just floored at how many corners are cut on so many things in our country. It's prevalent everywhere, it's part of why there's so many data breaches in the tech sector. They don't want to pay to update old systems to bring them up to compliance. We've literally built workarounds in the form of Virtual Machines just so people can run outdated software on modern hardware so insecure outdated software can simply keep being used despite its age. So yeah, feeling vindicated that it's not all just in my head.

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[–] [email protected] 23 points 6 months ago (6 children)

We some how got wedged between Idiocracy and Cyberpunk 2077.

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[–] Carmakazi 17 points 6 months ago (1 children)

This is kind of where I'm at. I don't imagine any amount of cash in a bank account is going to prepare us for what's to come. Even if you could put money aside, the money you typically put towards retirement might just be better off towards becoming a doomsday prepper. Probably wouldn't save you either way, but it may buy you a little time that you wouldn't have otherwise.

Like others have said, I imagine my "retirement" as bearing witness to the collapse of modern society and ultimately dying in some lousy brawl with other desperate refugees, or by some untreated bacterial infection.

[–] [email protected] 12 points 6 months ago

I just know that my death will be something dumb in the coming collapse, like stubbing my toe and dying to infection when there is no remaining, effective antibiotics on our superheated hellhole.

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[–] [email protected] 92 points 6 months ago (10 children)

Good post, but we really need to get out of the generational thinking.

I know rich and poor boomers. I know rich and poor millenials, and gen X/Z.

It's a class struggle. Always has been.

Stop making it a generational battle. That only serves to divide the working class.

Yes, there is racism, ageism, sexism. We should debate those things and improve, but we can't let those things divide us politically.

And since I'm ranting, let me end with a solution. We need to find themes that help all of us.

So perhaps we should say: for example, everyone with less than $1M in wealth gets a $20K tax deduction.

Who could oppose that? It doesn't benefit home owners vs. renters. It doesn't benefit students vs. retirees. It doesn't benefit city dwellers vs. rural. Or white vs. black.

But it does benefit the class who owns nothing and gives them a better chance to own something.

[–] [email protected] 57 points 6 months ago (1 children)

there are a whole class of humans that actually think; 'i had to suffer through student loans, everyone else should also'

[–] [email protected] 27 points 6 months ago (1 children)

The word "think" is doing a lot of heavy lifting there... plus how many conservative voters these days even have college degrees? The TV (or radio) man says to vote one way, so they do, end of the matter as far as they are concerned. (extraordinarily sadly, no /s on this one)

[–] [email protected] 31 points 6 months ago (1 children)

weirdly, its also older people who prolly paid <5k for their entire education whining about people getting 'handouts'.

[–] [email protected] 17 points 6 months ago

Exactly ^this. It makes sense to them that they "worked their way through college", ignoring how that is no longer possible.

Tbh I'm not a fan of just handing out money to the predatory banks who screwed students over with those loans either, but damn we should do something. Like maybe educate ourselves on a topic prior to banning people from doing it, possibly, hopefully?

And then they go and say "that's not how democracy works", except when you win the majority so hard that you even overcome the electoral college effect then they simply overthrow democracy itself.:-(

There are indeed real facts, and real people, behind all those pithy sayings.

[–] [email protected] 23 points 6 months ago (14 children)

Stop making it a generational battle. That only serves to divide the working class.

That's difficult when a lot of the news media is owned by *checks notes.... the Capital class... and they have vested interest in keeping the conversation about a generational battle.

But yes, 100% agreed. The problem is we're all commenting on news articles that will never stop presenting it that way.

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[–] afraid_of_zombies 67 points 6 months ago (8 children)

My wife has a job with an awesome pension and as a result there is basically no situation she will ever leave. I pointed out to her that the golden handcuffs are still golden.

One day some MBAs are going to learn that if you don't want constant turn over you give workers a pension so great they would crawl over their mother's corpse to get it.

What am I saying? MBAs learning? Hahaha I love being silly.

[–] [email protected] 47 points 6 months ago (7 children)

One day some MBAs are going to learn that if you don't want constant turn over you give workers a pension so great they would crawl over their mother's corpse to get it.

Plus, modern MBAs see turnover as a good things because it makes the short-term investors happy.

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[–] [email protected] 23 points 6 months ago

Wasn’t there a study that said MBAs don’t have object permanence nor a real conscious understanding of the passage of time?

Money today. That’s all these businesses understand.

[–] PriorityMotif 16 points 6 months ago

Just give them a box of crayons to eat so the adults can get some work done for once.

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[–] [email protected] 54 points 6 months ago (3 children)

What's on the other side of middle age? Well, I'm not there yet, but it sure looks like the answer is "more work".

[–] buddascrayon 24 points 6 months ago

Meanwhile your grandparents were golfing at 65 and are living comfortably on their reverse mortgages up to 95 years old.

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[–] grasshopper_mouse 53 points 6 months ago (6 children)

I'm a late gen-Xer (born in '80, so I'm more of a "Xennial"). I have a stable job, pension, matching 401k, no kids, no debt (paid off my car and student loans), make 6 figures, and I am STILL convinced that I will never be able to retire. I feel horrible for all those who are in a worse financial situation than me, but we are all really fucked in the next 20 years.

[–] [email protected] 25 points 6 months ago (1 children)

I have a stable job, pension, matching 401k, no kids, no debt (paid off my car and student loans), make 6 figures, and I am STILL convinced that I will never be able to retire.

If this is your reality, there's more wrong with your expectations than your situation.

[–] grasshopper_mouse 33 points 6 months ago (33 children)

Social Security is set to run out in the 2030s, and I fully expect the stock market to crash, effectively wiping out my 401k. As others have mentioned, resources like water will start to become scarce, inciting instability.

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[–] Orbituary 20 points 6 months ago

Same exact boat. Zero confidence I can retire. My best case plan is to move to South America at so. E point and hope I can make it until I die.

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[–] [email protected] 48 points 6 months ago (2 children)

As someone born in '82, I plan to feel a strong dispassion for human society, and then die.

[–] [email protected] 32 points 6 months ago (2 children)

‘85 … I expect to die in the water wars.

[–] [email protected] 12 points 6 months ago (1 children)

Bless the maker and his water, Bless the coming and going of him, may his passing cleanse the world.

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[–] Veraxus 32 points 6 months ago* (last edited 6 months ago) (10 children)

Am millennial… xenniel or “elder millennial to be exact… I have completely given up on ever owning a home or being able to retire. Short of some major acts of public disruption at unprecedented, economy-toppling, billionaire-eating scale, my entire generation - and those after us - are fucked.

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[–] extremeboredom 29 points 6 months ago

LOL I'm never retiring. I've already accepted that I'll be working until I'm dead. There are those who get dealt the right cards and will get to retire comfortably. I'm just not one of them.

[–] [email protected] 29 points 6 months ago* (last edited 6 months ago) (8 children)

X'er here. I have what most would consider a good job, with good pay, and a good boss. I consider it a good job with good pay and a good boss. My spouse is unable to work, and we have two children. I'm currently seeking some skill or product I can develop without taking time away from my existing responsibilities such that I have a chance of not having to work until I die at my desk one day.

With no shade against millenials, this is the only time I'm grumpy about being forgotten in the generational sniping that goes on. All these articles (like OP) about this very valid angst from older millenials and I identify with it pretty much every time. I know I'm not the only X'er who does.

[–] [email protected] 21 points 6 months ago* (last edited 6 months ago) (1 children)

It's the trouble with attributing it to any specific generation. It's like people forgot that Gen Xers grew up reading the same dystopian sci-fi that we did that predicted this corporate shithole world. Neuromancer was written in 1984, when I was three years old. People forget that the cynicism of Gen X explicitly came from being such a small generation compared to the Boomers that it was just always a given that they wouldn't ever have much political influence. Hell, it even affects a lot of Boomers, because this has been going on for a long time.

Gen X gets forgotten, but they were honestly the first to really bear the brunt of this disease that's eating at all of us, and thus it's sad that they get forgotten. Cheers mate, and I hope you find that skill and succeed in your goals.

[–] [email protected] 22 points 6 months ago (3 children)

Thanks buddy. 🥹

I leave this parting gift...

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[–] [email protected] 12 points 6 months ago (1 children)

I fall just at that borderline of the two and have the same sort of spot. Took too long to get to a decent career-class job, managed to buy a basic house but only just and not much of one, savings of an amount to be confident of retirement are a fantasy from a bygone time. Spent many years with the mantra of show up, do your job, don't cause trouble, the promotions and raises will follow and in 50 years you get a nice gold watch and a permanent vacation. BS...

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[–] [email protected] 28 points 6 months ago (5 children)

Now try being a mid 30s millenial that couldn't even make it running a business

[–] [email protected] 14 points 6 months ago (3 children)

For real. I'm over here having a mid-life crisis since I was 27.

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[–] TheLowestStone 24 points 6 months ago (3 children)

For the last 10 years when I've been asked about my career goals during job interviews I always respond, "I would like to retire." I then clarify that I don't mean tomorrow, next year, or even 5 years down the road. I just don't want to die a wage slave.

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[–] LordCrom 22 points 6 months ago (4 children)

Hell. Gen X also are worried about retirement.

Will social security be here in 15 years? My 401k has not kept up at all.... Everything today costs soooooooo much there's no real room for saving.

[–] JakJak98 12 points 6 months ago (3 children)

Right??

Early Gen Z / very tail end of millennial here.

Got a job that pays ~80k (with promotion potential to 100k in a year) and I'm just.. dumbfounded at how yall are making it. I didn't grow up wealthy at all, and struggled with homelessness for a time, so I'm not new to the frugal game, but being able to put away only a hundred or two bucks a month after taxes is crazy with the hours and time I put into existing. I'd rather just not work at all if the end result is the same.

Doordash is a crux in my life and something I've definitely splurged on in the past, but groceries are just as expensive outside of rice beans and chicken. Baffling. :(

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[–] ocassionallyaduck 19 points 6 months ago (2 children)

No.

But one day I will get so desperatly poor that taking out someone in siphoning wealth from the country and ending them might seem like a fitting end.

If we don't change things anyways.

[–] WhatIsThePointAnyway 20 points 6 months ago (3 children)

I always wonder why people shoot up schools and parks when their problems are caused by people in board rooms. Never see a mass shooting in a board room for some reason.

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[–] [email protected] 18 points 6 months ago
[–] capt_wolf 16 points 6 months ago* (last edited 6 months ago) (7 children)

Gonna leave a bit of advice for any young folks that might see this. Something I wish to god someone had told me when I was 20.

Start an annuity plan. They're generally stable, all but guaranteed to accrue money. You can set a percentage of your paycheck to be deposited automatically into the account. If you have the option to do this through your employer, do it, find out if they match the deposit like mine. Put 10% of your paycheck in there. After 10 years, I have $40,000 sitting in a retirement account with a progressive series of bonds set to mature in between now and my retirement age. Those bonds will roll back into shorter term bonds as they mature, and add more value to the account. My projected retirement age is still 72, but at least I know that money is there.

Also, after 4 years, the account matures and you're able to borrow against it, like collateral for a loan. So if I wanted to right now, I could take that money and use it as a down payment on a house. I'll be expected to put it back, but the interest is generally lower than a home owner's loan.

[–] Cryophilia 26 points 6 months ago (3 children)

Generally speaking in the US annuities are horrible and significantly underperform a regular 401k/IRA invested in a broad total market index fund. The fees eat you alive. Don't know how it is in other countries. But annuities here are damn near fraud.

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[–] [email protected] 16 points 6 months ago

What a quaint question. I honestly wonder if I'll live my full life and die with a dignity instead of how i suspect, with a fistfull of dirt and a pigs boot on my skull.

[–] 555 15 points 6 months ago (7 children)

she has about $75,000 saved up for a downpayment

Oh you poor child. That’s not even close to enough. 💀

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[–] Bobmighty 15 points 6 months ago

You won't retire, no. No longer work a job because everything is slowly falling apart as our climate apocalypse trudges on? Sure, but you'll still be working hard to survive.

[–] Boozilla 13 points 6 months ago

This is another one of many things that the government should be taking care of for people (and they sort of tried to with Social Security) but of course the "privatize everything" sociopath elites killed that idea, and our culture expects everyone to just learn how to Warren Buffet better. Bro, do you even index fund?

[–] AA5B 11 points 6 months ago* (last edited 6 months ago) (4 children)

Of course I’ll retire, when I can no longer get a job, and that time is coming up fast. I only hope it’s not until I get my teens through college and off to a running start. I don’t see how I can afford to keep my house or even continue to live in this town, though

I’m not sure I agree with the narrative about being worse off by generation, though, because it is so tied to what you do. I’m a little sad about my older son starting adult life “in hard mode”: i’m proud that he wants to teach, and we live in an area with generally better teacher pay, but he’ll never earn much. It has certainly made my life easier to be paid better as a software engineer, even if circumstances mean I’m not financially able to retire. He’ll almost certainly live with less, have fewer opportunities, purely by choice of career, and without regard to his generation. Tack on the excessive housing inflation and his desire to stay in a hcol state, and I can’t help but worry for him

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