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Millennials believe they’ll die before they retire
September 19, 2019
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I'm 61 and grew up during the last years of one generation and the beginning of another. I've been in the unusual postion to see the complete change of society at the middle class level and there is absolutely no question that quality of life has declined drastically for most people when compared to the late 1950's through the early 1980's. Two parents working full time was almost unheard of back then. Jobs paid enough for a small family to get by on a single income. Now I don't know of one couple with kids who's making it on a single pay check. Some of have 2 full time plus a part time job and they're still struggling. And it is getting worse, not better.
I'm not a millennial by any measure, but even I don't think I'll ever live to see retirement. They're always raising the age, for one. For two, everything's getting expensive faster than wages are able to keep pace with. For three, it's hard to call what you do a "career" when you have to keep starting over with a new job every few years because of outsourcing and downsizing. I can't help but notice that benefits keep getting slashed, too. The days of getting hired at a good company and climbing your way up the ladder so you'll have a comfortable retirement are over with for the vast majority of us.
Nobody used to believe in retirement. When Social Security became Law, the average life expectancy was 63 and you couldn’t receive benefits until 65 and most people worked in jobs that required physical labor.
It was designed as long life insurance for those fortunate enough to beat the odds.
If you separate what you NEED from what you WANT you will go a very long way to not dying 'in harness'. I'm 71, I quit work at 59. I'm not anything near rich. I left the US over eight years ago and haven't been back. I live in a pleasant little country in Europe, not the third world. Crime here is virtually non-existent. Also I've never had the police hassle me here unlike the US. There is plenty of spoken English and I only speak a little of the local language. I don't have or want a car. My e-bike gets me to most places, if not I take a train or bus or I walk. I live in a very small place. I grow food. My SS payment would have me below poverty line in US yet I can pay for all my expenses here with little problem because the cost of living is much lower. Only a very few reading this will consider my advice. For those who do, do your research and plan your escape carefully. There is a better life elsewhere. Good luck.
Im 68 years old and still work 2 jobs to keep up. I have a full time job as a book keeper and part time as a sales person at Neiman Marcus.
I’m a Baby Boomer, and I feel a great deal of sympathy for today’s younger people. I can absolutely understand why they feel the way they do. Unlike my generation, the cost of an education was far more reasonably priced. There were far more jobs available, and employer’s - many that didn’t require a college degree even for the most basic positions. And for many worker’s, corporate jobs were more plentiful, and that paid decent wages, and offered healthcare benefits and 401K plans. In short, you could look forward to a secure future, and a decent lifestyle. However, as I’ve read, 40 percent of young people are forced to work for themselves, have no benefits, and are saddled with more fears and insecurities then anyone should have to deal with. I hope that things turn around for them, and hat they too have more reason to feel optimism, instead of fear, and uncertainty. I hope things turn around for them. Just like past generations, “They are our future.
There are those that HAVE to keep working just to pay the basics and there are those that WANT to work because they love what they do or it keeps the mind sharp. If you can physically keep working, and want to, go for it, it isn't a punishment if you truly love what you do. I feel bad for those that struggle each day to get up because of a physical ailment and have to work just to put food on the table and keep the utilities on or to pay for medications. These are the folks that no matter what, should be able to retire, but our gov't is too greedy to help the honest to goodness backbone workers of America, the ones that kept this country afloat for the last 40 or 50 years, these are the folks that should be able to retire and live their twilight years relaxing...it's sad that today, not that many can do this and then end up homeless because they just physically can no longer work but don't have the money to sustain their life.
A lot of previous generations believed they would not retire.
I'm 25 and have already put almost $30,000 away for retirement...by myself. So much of my generation is full of excuses. They spend on frivolous things, move into apartments they can't afford without a roommate, or even purchase a house before having the funds. I watched so many of my friends graduate college and immediately purchase a car as their "first adult purchase" to add a car payment to their list of bills, along with student loans. I live at home (with the blessing of my dad of course) to save money, and I help with the house upkeep and dogs because my dad travels so much. I also help take care of my grandmother and his house is closest to her senior living facility. My dad ENCOURAGED me to live at home while I'm still single because honestly what's the point of spending the money on rent when I could be saving it? With those savings, I paid off all of my student loans, purchased a brand new car in full, contributed thousands to my IRA, and have been saving for a downpayment on a future home. I still pay my own bills, I just save on rent. Too many people my age jump the gun and think everything will just magically happen for them without having to put in any work for it.
yeah, spending all that money on "experiences", instead of a house and family will do that to you
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