Are Millennials Doomed for Retirement? (Breaking Down the Myths)
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- เผยแพร่เมื่อ 24 ก.ค. 2024
- Are Millennials Doomed for Retirement? (Breaking Down the Myths)
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Late-30’s Millennial here, so glad I got my crap together in my early 30’s, wish it was early 20’s, but better late than never. I’m not where I’d like to be, I got left behind in the housing market, but I’ve been building retirement accounts like there’s many tomorrows lol.
That intro was so intense that Bo almost forgot to be excited
😂😂
I’ve been waiting for an episode like this! I’m 28 and I just started my retirement savings 6 months ago. I’m saving 18% in my work 401k alone just to catch up. Plus I have a pension, a Roth 401k and a brokerage account. This has all been done because of this channel! Thanks guys!
In before fake accounts having conversations recommending scam financial advisors to ewch other
just turned 30, have $150k in retirement accounts already and so glad I started at age 22-23.
I hope I feel the same way at 30. Been investing consistently for about 6 months at 22 and I already feel behind.
Don't worry, I felt the same way but started putting 15% away. Quickly surpassed all my peers that were out partying. Just remember, if you're saving anything at that age you're 100x ahead of your friends at the night clubs.@@augustfisher1261
Great job man. Hope you have continual success in the future. Keep it up.
Dude, keep it up and you should be in great shape. It was smart to start early and making investing is a habit.
I lol’d at the positive spin of the new investment vehicles.
401k introduced when pensions became a thing of the past.
HSA introduced because you’re going to need it with that high deductible health insurance plan you’re paying a fortune for.
When we had a high deductible plan I maxed out my HSA every year. I also spent it all every year 😢.
depends, a single adult on a high deductible plan is VERY cheap. A family with children, not so much.
401k killed pensions, not the other way around.
Many more people have access to a 401K now than pensions back in the day. Under 50% of working baby Boomers had access to pensions.
HSAs are targeted at younger people who don't have many medical expenses. If you're consistently spending up to the deductible amount year after year, you shouldn't be in an HSA plan.
@@neutralsportsfan17 my employer doesn’t offer a plan that isn’t an HSA plan
I'm 48. My conservative, quiet 72-year-old father told me something that I'll never forget. He said "if your grandpa had to work as much as I did just to live at the base level, it would have blown his mind." It's just a simple observation that he made. Now I look at my two oldest that have moved out and I can see what he meant. The statement is true. You can still do it, but for every generation there's more complexity-and it just costs so much more.
I agree. 40 here, and while I've "made it", I have younger family members who despite working equally hard at the same age (similar job / industries), have no, and I mean no chance of living the same lifestyle I did (and of course the previous generations). The proportional drop in quality of life between 40 and the 30 and under crowd is staggering. Obviously, I'm speaking in general terms here, there are exceptions, but no question in the aggregate sense, the younger generations quality of life has and is continuing to drop on a real, cost adjusted basis.
To all of the 'we had it equally hard' older boomers... drop your ego, open your eyes and get honest with yourself. It's gotten a lot worse out there. A LOT.
I can’t speak to your dad, but I think the bigger issue is how many things are “necessities” today that weren’t even a possibility, let alone a consideration, 50+ years ago. We’re all walking around with $1000 phones, driving $40k cars, eating out 5 days a week, with health insurance mandated to cover every possible expense with little or no deductible, and wondering why we can’t afford the “same lifestyle” as our parents who had none of those things
Agreed. My dad worked in a battery factory on at best a $40K income when I was a kid. He afforded my brother and I and to keep my stepmom home.
He had 3 vehicles, a boat, and every weekend off.
$40K per year would put me in the hood with a bicycle.
@@nathanbaker1868 - I think it's disingenuous to pretend like the equivalent middle class lifestyle is not a dynamically changing measurement. I mean how far do you want to take it? You could say a middle class lifestyle in the 1800s or early 1900s didn't have electricity, but those spoiled 'greatest generation' and 'boomers' had it. If they 'just went back to candles' maybe they could have afforded some doctoral visits. I mean come on, you know what we're talking about here. We're talking about a middle class equivalent, and yes that does and will change over time.
@@critterdude311young boomer here 61 and it wasn’t easy , it’s never easy for any generation unless you were blessed with a huge inheritance. What I have noticed with younger generations is that they don’t want to put in the effort it takes to make it , they have basically grown up with a mini computer in their pocket with an enormous amounts of ways to make a quick buck if they were willing to put in the effort but most of them aren’t willing . I come from an Aerospace background with no college and yet if you are willing to work hard and many times long hours you can make it . The younger generations just want everything for free and not put in the effort . Bad mouth me all you want but I saw it first hand time and time again and young people would just piss away a great opportunity ..
I found these moneyguy show at 21. I have a job with a low income. Was able to pay off my debt, have emergency savings, and am currently able to max out my RothIRA.Thank you money guys for giving me hope that I obtain financial independence
You have to compare median house price to median wage for boomers at 30-40 years of age compared to today. They had 1/3 the gap for affordability.
Wrong. Homes were less affordable in the early 80s than they are today. Took 55% of wage back then.
@@steveguillory7568 I would be interested to see your evidence to support your claim.
@@adamjanecke1807 Housing now takes up the biggest chunk of paychecks since 1984, according to ICE, the owner of the New York Stock Exchange. That’s from a CNN article dated 11/23
@@steveguillory7568 you realized the early 80s was 40 years ago...
Saving 40% of your gross income is no easy feat. Afterall, you still have to subtract taxes from that income.😢
Depends on the taxes and if your W2. If done correctly you would actually pay less taxes on your savings today and tomorrow
Saving 40% of gross is so out of touch for the typical person that it’s almost pointless advice. If you can afford to save 40% you’re either in the top fraction of earners or you live and home and mom does the grocery shopping
@@TonyCox1351 wrong, challenge with my generation is that boomers may have inadvertently instilled the notion that success and a comfortable life come effortlessly. I experienced the early 2000s in a $300-a-month apartment with two roommates during college, saving over 25%. In those initial years, friends and family expressed concerns about living in what they deemed a "bad neighborhood."
Fast forward to today, after a journey of frugality and smart financial choices. I started with less than $50k income, and now, making a low six figures, I've maintained a disciplined approach. Despite earning more, I still live cautiously, saving almost all my wife’s income and still saving 20-30% of my income due to real risks in the job market.
Importantly, I want to note that I never received handed-down money, leaned on family support, or earned significant income until more recently. While some prioritize the latest material possessions, I stick with a phone over 6 years old, update only when necessary, and manage a wardrobe that's lasted over a decade. Living on a single car for 15 years and renting when needed has allowed financial security without sacrificing the quality of life. The journey has taught me that sustainable success comes from hard work, strategic choices, and a dedication to financial resilience.
It’s possible what is out of touch is most will not want to sacrifice. In fact, it took me almost 5 years to get my wife on board. She was the opposite of me, but once we sat down and wrote out goals and what we were using the money for, was really to provide both of us fuck you money she understood.
@@TonyCox1351it’s definitely out of the realm of possibility for a lot of people. But I have a family of three, total family income of 135k and we save about 40%.
That’s in the top half of income but not completely out of reach for a ton of people
I'm loving the loud Brian intros, sets a fun vibe! :D Cheers!
In my early 30s now, I really wish I had the knowledge about retirement savings back in my 20s that I do today. Despite being in undergrad and grad school for most of that decade, I realize I could have been setting aside even a little for the future. Currently, I've got about $30K combined in my Roth IRA and 401k, and I'm matching my employer's 4% contribution while maxing out my Roth going forward. Time to play catch-up!
I'm grateful for you guys, i bumped up my 401K last year because of your show and now it's looking nice. Thank you
31yrs old & my hubs & I have a net worth of 1m. A lot of our peers take a ton of trips, very fluid with their cash where we stay low-key and live within our means. I think having an interest in money management helps a ton when you're younger, my interest kicked in when I was 25. Looking back on the last 6 years I feel so proud because if we were starting out now (while still young @ 31) it would be sooooo different and more difficult.
I'd love to help and coach my friends, but they genuinely don't have an interest - but also like to complain about the state of the world and 'not being able to afford a home.' ... I think they could if they got disciplined and lived well within their means for a while but there's a lot of yolo attitudes out there and it's unfortunate.
Anyway you’d be willing to coach my girlfriend and I (: we are about to be debt free! And really don’t know where to go from this point.
Congrats to you and your husband! That’s quite an accomplishment and you should be very proud. You show what’s possible but it takes discipline.
We... are still going to take trips.😊
Yes we could be further ahead financially, but some things are more important than having more money. We don't go overboard since we have a budget, but we try to travel now while we are young. Traveling later will feel different, so that sacrifice is worth it. We are ok with traveling less later.
Starting out of college in 2008 I was making a $25k starting salary, I made sure to invest in Roth and max out as close as possible. Once that $300-400/month was budgeted it was easy to save more as you earn more. Now that I'm a higher income earner, my 401k and HSA are getting maxed.
Huge congrats to you!
Agree with all but the last point. Wealth is being concentrated, not distributed.
Yes. Also, the idea that boomer's houses are going to be on the market bringing down prices is wrong. What's happening is corporations are buying up those houses to rent out at inflated prices.
😮😳 66%... SIXTY SIX PERCENT have $0 in retirement?!?!?! 🤦🏻♀️🤦🏻♀️🤦🏻♀️ I thought I was thoroughly behind... and I am, but I'm apparently Queen of the Dumpster Fire.
Anything higher than 0% is what you gotta do! Go from 0% to 1%, then maybe 1% to 2%. You can do it
It's not that hard to float to the top of this particular toilet....
That’s because many have negative networth through debts
Have 0% in employer sponsored plans. Those are the easiest plans to get stats on but it doesn't take into account a) anyone who works gig b) anyone who works self employed or for a small enough employer that they don't offer 401k c) anyone temporarily a stay at home parent ( which is a lot of millennials) who have rollover from previous jobs
So it's real hard to know how many people have retirement accounts but it's better than 34%
I’m 29, and not surprised. I didn’t start learning about investing until last year and now I’m investing into my 401k and Roth IRA.
Woooohooooo! So nice to hear great job! May I ask who you opens your ROTH IRA with?
@@rafaelalba0910Vanguard of course!
The best time to plant a tree is 7 years ago. The 2nd best time is today.
Vtsax and vtiax and chill, save til it hurts, not much to do with the broken housing market so I focus on my savings rate and not paying a penny in interest to banks
The 66% fact is insane. I have no degree and have 100k in my 401k alone and I'm 34. I have 20k in my brokerage. I'm in no way a top earner, up until 2020 I was making 60k and in 2021 I got a job making 75k.
I agree, 32 years old 2 year degree in construction. just hit the 100k mark in 401k. It's not easy but it is possible.
Keep at it.
I'm 40 and just hit $250k. Similar trajectory.
Moving for my wife's job she just graduated with her nurse practitioner, and I get to work mostly remotely to keep mine. Our combined income is going from $130k to $310k this year.
We are also going from spending thousands a month on nursing school to being debt free.
Keep kicking butt and pursuing opportunities. Max out that Roth IRA every year. Before you know it, your income will be too high to qualify for it.
@@getinthespace7715can always do backdoor roth 👍
Good for you.. people have different circumstances.
@@getinthespace7715nice! You’ll be doing 75k saving per year at around 25% with that income. Millionaire status incoming 🙂
Every time I wake up and wish I didn’t have to go to work, I invest $25. It conveniently maxes out my Roth IRA every year 🤣
😊
I'm 30 and currently venturing into the stock market, my ultimate goal has always been to retire at 55, is it possible to raise over $8million in portfolio size before my retirement at 55, I earn about $800k annually.
with the current state of things in regards to inflation and economy $8million might possibly not be enough for retirement
why won’t $8million be enough? it basically boils down to your expenses and maintaining a healthy budget after retirement.
Generally speaking, a good number of people discredit the effectiveness of financial advisors in retirement planning, but over the past 10years I’ve had a financial advisor consistently restructure and diversify my portfolio/expenses and I’ve made over $3million in gains… might not be a lot but retirement doesn’t seem so farfetched anymore.
bravo! i'm 36, inherited money from a childless relative and traveled overseas, got married to a lady almost my age, but the only issue is how to preserve and grow my wealth in view of retirement, can your advisor be of help please?
Definitely...She goes by ‘’Trudy Renee Soper’’ I suggest you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
What Bo said around 17:00. Information and teaching yourself has never been easier. As a millennial myself we have ZERO excuses. You can teach yourself anything and in this economy almost anything is possible to make money.
LOVED that Brian evil villain laugh intro.
Money guys, I found the FOO recently and love it. I have deductibles covered, 401k match in place, paid all credit card debt (I had 15k but paid in 6 months!!!), and paid one of my car notes off 2 years early. Now things get a hair more complex. My wife and I each have student loans, and while 1 car is paid off, the other remains. I bought the truck before I found the FOO and it’s an 84 month note. With paying off the debt I already paid I can afford 1100 in extra payment in addition to the 800 payment. Should I pay 1900/month to pay it off early, or just give up and sell the truck. I love the truck and would rather keep it but I’m facing financial napalm on cars you’ve talked about before. The only thing I did right on the truck is I did put 20% down so at least it not upside down. Thanks.
I'd consider 1) do I actually need a truck for a legitimate purpose, such as work or side business? 2) the specific numbers on selling and buying a new car- will you net a significant amount of money? Do the research with kbb. How much money will you save per month on insurance, gas, etc? 3) given the answers to the first 2 questions, are you willing to put in the work of selling the truck and finding a deal on a replacement? If you're not savvy with private sale or finding reliable used cars and not willing or able to learn, might not be worth it. If you're not patient with finding a replacement and considering multiple options, might not be worth it. If the numbers look way better without the truck and that motivates you, go for it.
@@kailaleebabineau3962 thanks for the advice!!!
@kailaleebabineau3962 sound advice.
Without more context, it is difficult to imagine that financing an $80k truck over 84 months for someone just getting their financial footing on credit cards / 401k match is a sound financial decision.
As a financial mutant I looked at the numbers of a what a 38 year old needs to save to hit millionaire status then multiplied it by how much i'm saving and smiled (plus what i currently have).
I feel like another big thing us millennials are worried about is if our boomer parents are set up for retirement and potential future caregiving needs. We already feel stressed about taking care of our own needs. But that compounds for those finding out their parents have saved nothing or plan to use their kids for their financial needs. Or that the parents have not organized their estate or conveyed their wishes to family members. Had a client where both spouses each owned a family farm and were very firm about keeping it in the family. Neither had expressed that once to their kids though. Absolutely baffling. Another client had passed and her son kept finding stock certificates around her house for months, unsure of which ones were worth anything. It was a serious headache for everyone.
i’m gen z and very terrified of it too. no idea how i will financially support my older aging parents and how social security is going to work for them
Absolutely true about our parents.
Bingo. My mom is currently living off her social security at $1250/mo. That's it. That's all she has. No assets, no savings, no retirement. She's 70 years old. I'm terrified that all my hard-earned savings will end up going toward keeping her alive.
@@uhnonymous2374 I think the biggest thing to do in that case is to first decide what you are and are not willing to do for them. Then it would be worth sitting down and having a conversation to figure out what their expectations are and to lay down your boundaries. That way there should be no surprises on either end. It's not an easy discussion to have, especially with older parents that don't think their finances are any of their kids' business.
This hits me HARD! My FIL loved pay check to paycheck his whole life and has a stroke 2 years ago and now the whole family is trying hard to keep the family farm. His whole mother is the same way living paycheck to paycheck and emotionally manipulating grandkids to buy her groceries every month.
The current economy is unnecessarily tougher for boomers/senior citizens, I’m used to just buying and holding assets which doesn’t seem applicable to the current rollercoaster market plus inflation is catching up with my portfolio. I’m really worried about survival after retirement.
The government has let us down; just buy gold.
Thanks a lot man. Quite helpful
This is exactly why it’s worse for millenials because we have no assets that we are able to buy and hold. Will my 500k home go up so I can enjoy the same growth boomers did on their homes? If so who’s buying a home at 2.5 mil 30 years from now.
that's a terrible idea @@aureliobjm
One thing not mentioned in the passing down of wealth from Boomers is the rising healthcare costs eating into that wealth. Just a thought - I’ve been reading so many stories of wealth being wiped out by elderly healthcare.
Yeah, had a family member get Alzheimer's. Eventually had to get put in a special care home. Sold their house, cashed in all vehicles, items of value, they had veteran survivor's benefits, SS, a retirement account, a pension, and they still drained ALL liquid vaue completely and had to be taken back in by family not fully equipped to deal. Was awful for everyone.
Another little advantage younger people have I don't see mentioned often.. it is really easy to access zero-fee banks with competitive HYSA rates compared to older generations where your options were typically whatever was nearby. There's a lot of stories of legacy banks doing unscrupulous things but people who are comfortable with online banking have a lot of options.
I love to watch all of your great videos. For a milennial who is getting started with investing for the future for retirement and may be fully invested in the s&p. How much should we take into account for taxes on the growth of our investments?
That intro was great Brian 😂😂 he reminds me of my dad, successful but able to be goofy still haha
How does it increase the supply of homes if the people who were “trapped in mortgages” are just buying as soon as they sell?
My wife and I never talked about retirement or financial planning with our parents as kids or young adults, and the men's volleyball coach that was stuck teaching the finacial literacy class in my high school class told us all to lease cars and buy whole life.
The younger generations will benefit from the content that the Money Guy, Ramsey, and Graham are putting out there.
Could you please speak about per-diem in the trucking industry?
I'm 25 and have nothing more than my company safe-harbor contributions in my 401k. I save everything in my ROTH IRA right now. About 14k in my ROTH accounts and 10k in my wife's ROTH. Everything beyond ROTHs are going to cash reserves and house down payment savings.
Roth isn't an acronym, no need to blast it in caps.
Lol OK @@justthebrttrk
You are on the right track! My wife and are are 33/31 in our first house with $350k in retirement accounts.
As a late millennial I would have loved to have the easy of access to investments of today but 20 years ago, now you can open accounts from your cellphone, brave new world.
One thing they and Gen Z have are people like you and information like this! I’m Gen X and I wasted years not knowing or being educated. No excuse now a days - even though it may be more difficult in some ways
I'm beginning to love your content. The factual analysis is constructive. The only thing that stops me from finishing the video is the slight high-pitched grating voice of the guy in a light green jacket. I think a subtle lowering of his modulation would make it more bearable. Or speaking slower and more relaxed would bring in more bass in his voice. Otherwise, it's a great channel, and I look forward to more helpful data.
Hi guys thank you for going into this, I was wondering if you could speak to how inflation is going to affect millennials later in life? My financial advisor showed me two plots about spending power and 1 mil doesn’t go nearly as far today as it did 10 years ago. How much should millennials be saving knowing that inflation is going to devalue our money?
I'm fortunate enough to have been working in government since I was 23 and contributing to a pension. Just turned 38 and have been contributing to a 457 for the last 5 years. When I hit 40, I plan on stopping my contributions to the 457 and focus on building up a Roth IRA for a 3rd bucket and its own tax benefits after 59.
I think the fact that we can’t rely on pensions for retirement anymore more for than implies that young people have it more difficult than older people.
1000% very few people talk about this when comparing the generations but its a key point. I know my grandparents lived primarily off of a pension provided by a private corporation.
But now you have newer tools like 401ks, HSAs, and backdoor Roth contributions.
Most GenX'ers haven't had access to pensions either, so the idea that "young people" have had it harder than older people is false. It's been challenging for a long time.
@@susansmith4600but wages haven't kept up. So now we make less AND have to save from that smaller amount towards a 401k.
@@susansmith4600And? I'd rather have the pension!
Can someone explain to me why anyone would think that decreasing interest rates will lead to a greater housing supply? Is the thought that these homeowners will be upgrading into homes that first time homebuyers aren’t in the market for? The thought can’t be that homeowners are gonna let go of their
Loved the intro 😂
Brian is one of a kind! Bo's look on his face is priceless!
Talking about freeing up homes for sale, we were just talking to our retirement advisor and our rental property came up (we didn't get a rental property for an investment or to be smart, we got a great deal when the market crashed on a "retirement" home, but were too afraid of selling our current one. So we decided to rent it out in the mean time. We've been doing that and living in our retirement home for 15 years as I get ready to retire possibly next year. ;-).
We have a property management company we like and we keep the rent low so we've had the same renter for a long time. Right now we are fine...
But he mentioned that the government is talking about a possible hike to capital gains...
Like going from 15% to 40%...
I can tell you, if it looked like that was going to happen, we (and probably many others) would sell...
I still think we will sell in a few years anyway (our main home will be paid off in a few years), but that would jump get us to sell sooner.
Does it make sense to sell brokerage funds to free up money to max out taxed advantaged accounts? I could do backdoor Roth IRA and Roth 401k employer side contributions if I moved that money over. I have 15k of loss harvesting that could offset the only 6-8% profit on the money in the accounts. 300k brokerage value, could do 17k 401k Roth and max out wife any my back door Roth IRA.
I love yall but is very obvious that times are harder for millennials than for the previous generations. thought power and belief arent going to fix that. We just need to make more money thats it. Obviously you all cant say that because that would just be a 2 minute video
I wish we could stop hearing so many people deny it. Let's acknowledge it, accept it, and move on. Instead we get tons of denial in the face of reality.
Exactly. Look at those numbers. "If you're starting at 42, just invest 41% of your income. You can do it!" These people need to wake up. 25% is the usual estimated amount for taxes, so they are suggesting you live off of just 34% of your income. Even if you make $100k you're only allowed to use $34k of it. Imagine having a child to care for, as most do at that age... The bottom line is that you have to get a higher paying job. No amount of budgeting/scrimping will fix it. Or, I suppose, work the full 30 years until you're 72. In which case, the better advice might be to find a job you love since you'll be with it that long.
What this country really needs is a government-mandated, full-year course on personal finance, not just economics, to be taken junior or senior year of high school. Until that happens, we really need to quit shaming others for not being as privileged as us. My grandfather had money too, but he died before he could teach me about managing my own. I wouldn't be where I am without having listened to Freakonomics's episode with Harold Pollack, and that's just plain luck.
So, this generation has more access to information than any before it. There’s plenty of information on the internet to set people up for success and become adept at personal finance. As much time as people spend on their phones clearly there’s time to learn these skills.
@@steveguillory7568Too much info today, leads to analysis paralysis and doing nothing in a lot of people. Like you're not wrong, but just saying how people act on average.
Lol these guys think unmarried millennials live alone.
The problem with this whole argument is that the numbers for median household income are drastically altered by the small amount of people making MASSIVE money when most people are making vastly less than that median and the numbers are dragged up by the one Ahole that makes 5 billion a year vs the 20 million making 20k a year. We also have corporations picking us apart in every single facet of our lives. Food prices have gone up by a massive percentage, massive companies are buying up all of the houses and jacking the rents through the roof, nobody is building houses under the 300k in our area, even mobile homes are going for 60k for micro sizes and 120k for a decent size, and our pay has barely gone up. I love your show but there are times like this one where the numbers are not matching the reality that people are living. It does not matter how many resources we have access to if our landlords (boomers) jack the rent up every month, child care is INSANE, food prices are way up, car prices are up, and our pay hasn't. With all of that, if you get hurt at all and you have to deal with the medical system YOU ARE SCREWED. For all the hope about boomers leaving behind a massive pile of money, NO NO NO. All of the resources from the boomers are going straight into the medical system, the houses are getting bought up by massive companies and either rented or leveled and rebuilt (as a 450,000 house that nobody can afford) and we will still be sitting there getting pennies from work while the cost of everything increases in dollars year after year.
I've made this point a lot and these financial content creators never have a word to reply back with. They are full of toxic positivity putting ownus on us at the bottom to live like those at the top when in reality we are struggling just to survive without falling further into debt. Like yourself I'm not a cry baby and I am doing what I can to improve my situation but tough and next to impossible are two different things. These rich youtubers aren't in the real world any more than the bots in the comments recommending scammy brokers!! Keep it real...👍
That isn't how median is calculated. You're thinking of arithmetic mean.
Look up what median means first. Ur using it wrong
🔥🔥🔥
I am 32 about to pay off a car and credit card debt. I haven’t saved anything for retirement but work for the State of California so I know I’ll have a pension at the end of my career. Can anyone help me with any advice of where I can start investing into a retirement account/fund. Please and thank you!
You’re still young so a broad market index fund would be sufficient with the power of compound interest. I own the same with a couple Vanguard ETF’s. If your company offers a 401k match start there, I heartily recommend also opening a personal Roth IRA and maxing it if possible.
@@jgwhite130 thank you for the reply and advice to get started! I will look into my company’s retirement plans and go from there! I have heard of a ROTH IRA that is definitely something I am interested in now that You mention it. Time to start googling to see where I can open an IRA account. Thank you again (:
I'm not so sure I agree. Thinking of the table you put up just before the 4 minute mark. I'm about to turn 41, I do have some retirement saved, but not enough and even I don't think I can catch up. Who can afford to pay 41% of their wages into retirement? If you haven't saved anything yet and only starting then, how the F are you supposed to suddenly half your income? Most people are living paycheck to paycheck. That money isn't there to save... So yeah, it's mathematically possible at those numbers, but those numbers are realistically impossible for the vast majority of people.
They are just stating the numbers. What other advice would YOU give in this instance? What do u not agree with?
I have an important question for Bo. What is your fav Starbucks order?
I pressed the like button solely because of Brian’s laugh 😂😂
Be nice to see the numbers adjust for inflation. 1M at 2.5% inflation would be more helpful. Thanks for your time
(Brian’s Troll here)
2:24 anxiety over the national debt and hyperinflation is what my son struggles with.
3:37 replace 80%? Is that a wise plan? Living Expenses may be lower - if your home is paid for which is unlikely with prices. Also medical expenses goes up.
6:02 … dual income plans … Money Guys are romantics, ignoring the failure rate of marriage.
9:27 Myth of home affordability? this is regional. I can buy a brand new home in Tennessee , for what a complete POS fixer cost in SW Washington.
12:17 waiting to purchase a home is risky.. here in PNW, home values are increasing at a rate faster than incomes increase. This will depend on your career/income potential.
20:34 Brian is 100% right. Time is an asset you can never get back n
Would love to hear a deep dive on FERS retirement some time and get the guys thoughts!
What is that? 😊
They aren't really up to date on fers and tsp info based on past videos. We might just be too niche of a group lol
@@victorbaird8220federal employee pension plan! It's a pretty important factor in retirement planning that doesn't get covered much.
They could have Dallen Haws of Haws Federal Advisors as a guest- that would be fun- Dallen has the same excited ‘Brian Vibes’ - would be an entertaining episode for sure- but yeah- us feds are probably too narrow of a slice for them to devote an episode to.
What is fers?
Houses used to be so much cheaper and now they are getting too expensive to afford. Only the ones in the military can afford the houses without worrying of losing a source of income.
They also used to be 1,200 sq ft with a one car garage.
I’m glad I listened to my Boomer mom and her Gen X friends. Avoid debt (including going to the scholarship school that I didn’t want to go to) and invest, at least something, in my 401k. I’m now a late 30s millennial, who is debt free except for my mortgage. Sometimes it’s best to make the SMART financial decision not the cool one.
I generally agree with what the Money Guys say; but the myth that "millennials have it harder than boomers" is not a myth at all. We are currently in the worst housing affordability period in history. My parents bought their first house in 1996 when the average house costed about 4x the average household income. Now, the average house costs over 7.5x the average household income. It is quite literally almost twice as hard for people to buy a house. Not to mention, real wages have been near stagnant over the past 20+ years. Simple awareness of investment avenues does not mean anything when previous generations pulled the ladder up with them.
Sorry but you’re not in the most unaffordable housing period. If you read the articles, it’ll say they’re the least affordable in 40 years. Meaning of course, they were less affordable in the early 80s, when many Boomers purchased their first home. As you indicated, things were better in the 90s when your folks bought. They were also more affordable in 2019 than now, when many Millennials bought. With the likelihood that the Fed will cut rates this year affordability will improve. You can’t just pick one moment in time and say we have it the worst
BTW, I bought my first place in’83. A very small 2 bedroom condo in a not so great area. It was many multiples of my income and I got a roommate to make it work. Throwing your hands up in the air and giving up is not the answer.
@@steveguillory7568 I'm not throwing my hands up and giving up, I'm on the cusp of being considered a millennial myself (late 20s) and there's a massive difference between a 27 year old millennial and a 42 year old millennial.
To me, "least affordable in 40 years" means least affordable since the time I've been alive. Like, what, was I supposed to be investing in real estate when I was an infant?
I'm not trying to cherry pick timelines, I'm saying that on average, millennials have it much harder than boomers. My original comment was just pointing out that the Money Guys' claim that this is a myth is just straight up wrong.
2:10 part of that 66% might be saving in a roth ira which would make sense considering their relatively low earning power
Ketchup opportunity?
need to find a job that offers a 401k they dont look out for skilled labor jobs
I’m 26, $300K net worth. Been saving 50% of my salary, investing in stocks & living below my means. I'm trying to avoid new buys now in order not to get sucked into a bear trap. On the other hand, I’d love to know best possible areas and ways to invest amid downtrend. I’m worried with the numerous bank failures as of late or do I wait?
I find it more productive and safe to buy growth/blue-chip stocks rather than tech stocks. However, It's advisable to work with a fiduciary advisor for well-diversified portfolios instead of relying solely on speculations
@llWavene if you do not mind, could you explain a little bit how you're getting guidance and how can I contact the advisor? I'm looking to give stocks another shot after staying on the sidelines
hey look scammers!
Exactly what I’m doing again this week. The smartest thing I’ve ever done was having 30% in cash to buy on the way down in 2021. It hurt watching 30-40% discounts drop to 50, but grabbing Google, NVDIA, Apple, and others near the bottom has paid off
Thanks for sharing. searched for her full name and her website popped up
It’s also way easier for millennials to educate themselves. There are online certificates, online degrees, and just a plethora of free learning materials. All this can lead to higher pay.
It also leads to way more competition and allows employers to pay less.
In theory that is true but all it does is make the market far more competitive
True, but in many ways makes it much more equal opportunity because you are not limited in the material you can learn based on your circumstances.
So let's acknowledge a few things.
1. You said it's a myth that millennials have it harder then gave 4 reason why it is harder for millennials. Then your only point of counter evidence was that it is easier to invest...and that is true for people with extra income. By your own numbers 66 percent of millennials don't even have a retirement fund. How do you expect them to invest? Of that's right get a gig economy job and work an extra 20 hours a week. Oh and your wife needs to be working too. I agree that many millennials are just giving up on retirement and/or home ownership. But when you look at the advice from our esteemed elders (who paid for college working 15 hours a week at a boat dock and existed in a far less competitive job market) give us. Just work harder just invest more. Trust in the market that ruined your family's life and foreclosed on your childhood home in 08. It becomes easy to see why that is. You guys didn't work 60 hours a week while your wife was pulling 40 just to make ends meet so don't act like it's easy you don't know.
The advice in this video is for the most part sound but completely lacks acknowledgement that what boomers and Xers did by living completely on credit was wrong and directly harmed those that came after then.
Firstly you can still
Pay for college with a part time job but you need to do quality research and not live on campus. While student debt was not as high as it used to be part of this merely has to do with college being immensely accessible. Go to a community college or subsidized college and get your liberal arts out of the way then go to an IN STATE university to finish your major. You can save a ton of money doing this.
I just went to an In state affordable university and got the normal grants without any scholarships except for my senior year of college. I worked part time and I owe 21,500$ for a 4 year degree. That is not cheap but i had been setting aside 100$ a month while working part time to pay down the debt after I graduated and have about 6k saved up. So really my debt is 15,500.
Also and more importantly: DO NOT LIVE ON CAMPUS. You will double your cost just by doing this. Living on campus is designed to trap students and get them dependent on the university. Unless you are an exchange student doing otherwise is stupid.
Young kids just pick a well known college without knowing what they want to do and parents often don’t give them good advice. So the kids pack up get away from home and see the “financial aid” hit their account and don’t understand the system. And universities take advantage of this. How do I know I just went to college and graduated last year and none of them even have a crap about their finances.
Also I think you misinterpreted their advice. They weren’t saying you HAD to just work more hours but the fact is if you are behind that bad in retirement at age 42 and have nothing set aside and you want a cushy retirement you will have to. Even the good old trust pension system from the 50s that every company had would not allow you to live that out. You gotta set aside money for retirement and often many pension systems made you put money aside. The employer would take a % of your paycheck to fund their pension. I don’t know why people have this idea in their heads that as long as you worked 20 years you got like 75% of your income in retirement. That was incredibly rare even for the time. You’d be lucky to get a 50% replacement. The fact is People made the choice to not set aside money and if the way you cope for it is screaming at the sky about how boomers had it easy without living in that time is not going to help you. Like sorry dude but reality is reality you can’t complain and expect the world to change. And Bo is millennial and if he has done it why can’t other millennials? There’s always gonna be poor people or people who were dealt a crap hand. That’s life. Internet cope won’t change a damn thing. Otherwise we would’ve figured this out 10 years ago.
Also to your point about the market screwing people over, to some extent yes but also there will always be dips. This is an economic reality and every economic system created has had this problem. There’s always going to be bad times and good times and neutral times. If you stayed invested in 2008 and after you would have quadrupled your money. People got caught with their pants down. Is that the markets fault or is that just a reality? It’s a reality. If the market had not crashed would anything be different? Probably not.
@@fartherdude5062 great job on going to college and getting a four year degree. You made a lot of smart decisions and it paid off for you. Unfortunately, I don't think we have the same perspective on this issue.
Maybe your degree is in finance and you know better than me but I'll still elaborate. To me this post reeks of I could do it (or Bo could do it) therefore it is possible for everyone. I could spend pages on how unhelpful this line of thinking can be, but I respect you enough to understand my point.
As to the market screwing people over, those people were our parents not us, We weren't over leveraged or overexposed to the market we were in ninth grade. The fear of the market may be irrational but it exists. To me acknowledging problems isn't screaming at the sky it's the first step to healing. But maybe because you were able to overcome those problems they don't feel like problems anymore. Or they feel solvable if everyone just makes good decisions. In my position I see people work 40+ hours a week their spouse works too and they are still fighting to get anything at all saved.
Again you beat the system I'm proud of you but don't let your survivors bais turn into disdain for those less capable or fortunate. Then again it's probably too late hating on/blaming millennials is practically a sport at this point.
@@thejankjohnsonshow7189 I did not beat the system I used resources in the system to obtain my degree and work my ass off. Again go back to my comment about why kids go into debt. They go to college without looking at the financial picture and live on campus and pick the first college with a name they like. You ask anyone who graduated with a lot of debt they will tell you word for word how to do it without going into debt. We literally had multiple speakers come to our high school to talk about it and no one gave a crap and I’d say 90% of everyone I knew didn’t take their advice except me and a couple of my close buddies who I begged to avoid taking out crazy debt. Fact is people don’t care and are lazy when they’re young. Maybe socializing college would be a good thing IDK but the idea that we don’t have the resources or means to make college affordable now is just a pipe dream. Every city and county in the US has some form of subsidized low cost college. It just takes effort and doesn’t look as pretty on a resume.
Like people who went 75-150k into student debt are either ridiculously ignorant or purposefully did not care. If you go to college without any scholarships or financial aid and live on campus and don’t care to get a part time job whilst going then that’s on you. Even a delusional boomer could recognize it.
I understand what you’re saying about recognizing problems but then you have to put forward a solution or at least a remediation to fix it. And I’m going to assume the remediation is probably socialized systems that are out of our hands as normal everyday people. If you want to fix your retirement savings the government could maybe pass a law to help but I would not count on it. That’s why their tone and advice is the way it is. And my parents were negatively affected by the 2008 financial crash. Everyone was to some extent but again this will always happen. We will probably have another crash at some point. Just as there was one in the 90s, 80s, 70s, 60, etc etc. It is not unique to millennials or Gen Z to experience that or know people who were affected by the economy like that.
I'm curious what percentage of 25-42 year olds had $0 saved for retirement 10, 20, 30 years ago. I wouldn't be surprised to find out it's not much less than 66%.
No one:
Bo: “Brian, I am excited about this one!”
Brian doing an awful lot to defend Boomers for a guy who claims to not be one!
That was too much Brian
For Myth #3, I know this is only about millennials but as Gen Z, it is insanely difficult to buy a home.
Yes, but I'm not sure most people were buying a house at 20-25 years old in recent history.
@@burkles4456 Same - looking back at my family, I don't think my parents bought a home until their late 20s/early 30s. Both of them had roommates or rented for a long time. Grandparents rented for the first few years. People generally lived at home longer, often until they got married.
My mom and dad were 26 and 28 when they bought property. They married young and had 2young kids too, though
Think the average home purchase age is like 32 or something like that surprisingly. This is part of social media that everyone paints home ownership as a utopia and a money printer but no one advertises all the hidden expenses that come with it.
My mom's a young boomer. All through the Great Recession she was actually apologetic about how much harder it was compared to her life at my age.
Now that she's trying to build her life from scratch after sacrificing so much for family reasons, I have to emphasize how much more she needs to prepare for what were cheaper and simpler purchases than she remembers (car and home).
Still gotta keep her off Robinhood though. I think it replaced her scratch-offs 😂
Might take her into an actual financial planner if she gets much farther down the Robinhood road. Wealth doesn't come from stock picking, it comes from holistic, comprehensive planning. It takes a lot of anxiety out of the process because those are the type of people that know their portfolios will have a much better chance of riding things out during downturns.
Is the recommendation to save 25% of gross or net? If gross, then you're talking like half of your take home pay?? Seriously?
Of course it's gross.
Net. You can't save what you don't have access to. However if you use both pre tax and tax accounts then it's a little skewed.
In that case, it would most likely be taking advantage of pre-tax contributions, since it would be so much more to try to make it to 25% gross from take home pay.
But this also presupposes a certain level of income where you can both affords to meet your basic needs and contribute at those levels.
So it might just be more honest for them to say “you need to earn more money.”
It's gross net, duh...
More pretax contributions means less tax withholding so it wouldn't be 25% more gross pay "disappearing" from your meet check.
Number 4 is very clearly not a myth
as an older millenial, I was out of work for 2 years thanks to the GFC landing right at in the first few years of my working career. I wasn't able to start my career in IT until I was 28, when I had been trying since 24. So I am very behind on actually getting my investments on track and buying a primary residence. Life felt bleak but I found the light at the end of the tunnel and have 10xd my salary in 8 years and finally feel like I'm ahead of the pack, even if my net worth statement doesn't show it yet, it has accelerated greatly
I’m a bug MGS fan but saying that it is a myth that Millennial have it harder than previous generation is absolute kool-aid. You listed all the aspects of why it is harder and for once didn’t do a projection. 401ks are great! What’s even better? A pension
9:32 how could it not be accurate? Could buy a house in the 70's-90's for 3-4x a salary, now it's 8-11x a salary. plus interest rates have gone up, wages haven't. please respond
I think I may be watching too much of the Money Guys content. Just the other night I had a dream about talking to The Money Guy about my personal finances and my journey thus far. I was very disappointed when I woke up and realized it was just a dream lol
Im not worried about me alone: Im gonna be taking care of my parents….. factor that in and whoa boy it’s hard to be an optimistic person
I'll echo this as well. So much media covering boomers and older generations whose retirement plan is their children does make it more worrisome. Obviously still making smart choices for yourself is important, but it's challenging to think of it all going to cover a parent's end of life medical and care expenses.
I have a hard time gathering up any sympathy for an entire generation who were the beneficiaries of the greatest economic boom in modern human history. If they did not save, invest, and build wealth during their lifetime, during the biggest economic expansion in history, that's on them. It's not your job to parent your parents. You do what you can within reason, the rest is on them.
@@critterdude311 In their defense, investing was much harder for them. 401ks and IRAs were just invented, and pre-internet it took a while for those inventions to become common knowledge.
I agree with having some boundaries, though
@@vulpixelful - That's a fair point and should absolutely be considered.
That said, they were the beneficiaries of a rise in all asset classes throughout their lifetime. Here's something which will blow your mind (I know I had to go back and read this a few times to digest it): "The average home price in 1972 was roughly $27,235. If you adjust for inflation that would be $193,525.90"
You can't even buy a plot of land for under $200k in NJ, let alone build / buy a house for the equivalent amount of money.
@@critterdude311 Agreed. They had double digit interest rates on mortgages, but the base price was waaay lower
Problem: Generation has been hit with a slow economy. Multiple once in a lifetime recessions. Record level inflation.
Solution: You're young so buck up!
Good job that inspires confidence.
Recessions will always, have always occurred. They’re short lived downturns, then the economy bounces back. Thats how it’s always been. It’s nothing new. Millennials act like their generation is the only one to have suffered any economic down turn, ironically, it’s their generation along with Gen-x that saw the tech explosion.
Recessions? Hog wash the stock market shot up like a rocket after each "recessions"
You act like those recessions only happened to millennials. They impacted everyone, including many close to retirement when the gfc hit. And those folks also dealt with recessions in the 70s, 80s and 90s. Economic cycles happen
Someone near retirement can work a few years longer if they are that close. Millennials weren't getting hired and had to delay starting.
As has been shown many times, starting is far more powerful than the ending. So yes recessions affect different groups differently.
@@chrisgreen359 just like when boomers started their careers in the late 70s/80s under severe recession.
And you can’t necessarily work a few more years and recoup everything you lost. Whereas a millennial, who may not have been able to start working for a couple years still has 40 years to recover.
I plan on moving to a country that is offering a brighter future. I am optimistic of my individual future, the future of the US is looking darker and more of a Bipolar bubble economy by the year. The middle class is being exterminated and being sorted into the rich class or the poor class. That sort of 2 class system isn't a system I am interested in being a part of.
Anyone can become a millionaire, the only question is what will a million dollars be worth by the time they retire?
Don't be so discouraged by inflation, a million still has lots of buying power. If its all invested, it grows. 10% roi on $100 is $10, and 10% roi of a million is $100k.
That would come from your investment and not your continued labor
Perhaps the question would be how many millions do I need?
Or maybe, What would I be able to do with $0 vice $1 million. Even if it is only worth 250k in todays dollars.
Retirement age will also be like 95 by then
I love y'alls content and we always watch your videos but can you PLEASE stop using the doorbell sound. It scares my pets so much and I never know if/when it'll happen so I can't mute it in time.
Scares mine too. I almost always use headphones
There not doomed they have so much time and so many tools to create wealth with.
Cost of housing, cost of education, inheriting tons of govt debt, no guarantee of social security when we get to retirement....millenials are going to foot the bill for our parents riding out the gravy train.
I'm a first time home buyer and have given up hope. I'm 33, have 300k saved up for a downpayment in California, but I STILL can't afford the monthly payment. If an "upper middle class" income can't afford a basic house, how are normal people supposed to?
We are getting screwed.
The taxes I have to pay for that always give me pause- I don’t appreciate the fact that I am paying all these taxes when I will not receive these same benefits in the future. Trying to save as much as I can for retirement; with my current income I must decide between saving for my future or buying a home. It’s just not realistic to buy at this point in time. Not sure I even want the responsibility at this point anyhow.
Move out of California 🤷🏼♂️
@@banks8921 ah yes… the old California migration. I heard so many states are welcoming Californians with open arms.
You’re right though, instead of fixing the problem of housing, let’s just keep kicking the can down the road until an entire generation is screwed out of the American dream.
"Being a boomer isn't a number, it's a way of life" - Booming Brian Preston 😂
But seriously though Brian trying to convince all his millennial/gen z staff and listeners that he's not a boomer is a top 3 running gag for the money guy show. 🤣
Are you saying he is a boomer. He just turned 50, so he was born around 1974 which would make him in the middle of gen x
@@Chobiefi Yeah no in number he is not classified in the boomer gen of course. In mindset...well maybe thats a different story 😆
I enjoy my work but I'm not about to work until 65 and that's hardly physically possible given the high stress situations and physical toll it takes on the body, by me and my wife's late 30's we'll be financially free. People waste their life "enjoying their money" yet they're unhappy because the new car isn't that fun and doesn't impress anyone. They never get a real retirement but struggle on social security and disability until they die broke.
It’s odd that you called it a myth that previous generations had it better but then your counter argument is basically change your mindset. It doesn’t refute the point that the thing you called out aren’t just more expensive but hundreds of times more expensive while wages have been largely stagnant. You have to play the hand you are dealt but at a governance level we can make societal changes that can help level the playing field and make a better future. That’s what most younger people want policy changes that favor people rather than just political donors. States pulling millions from higher education and shifting that cost to students is a perfect example of bad policy changes that hurt only young people while the elderly can now attend college courses for free in many of those same institutions.
What would help the most is deporting and stopping all immigration... it's basic supply and demand. If we stop the influx, as the older generation dies off, there's less housing pressure. Less housing pressure creates less expensive houses... but you have to stop the influx first.
Millennials are just hoping they inherit their
Gen X parents,lol
This makes me want to give up on retirement savings because I can't catch up to where I need to be.
How can you give up? Any additional you save between now and retirement will change your life for your future self. So what, retirement get pushed back 5 years? It’s still possible.
Bad take unless you're in your 60s with nothing saved for retirement.
I understand that feeling, so I'll ask you a question that I asked myself. If someone offered to give you $1 million today, would you take it? How about $100K? How about $10K?
Your future self will appreciate whatever you can give. If you end up being homeless, having enough money invested so you can eat instead of beg for food can make all the difference.
no one will more adamantly tell you they are not a boomer than a gen x'er
"I am not a Boomer" - Brian the Boomer
He’s Gen X. But don’t let the facts confuse you! 😂
@@edhcb9359 knowing what a Gen X is proves you are a Boomer lol
@@jvansickle6094 No, it just proves you lack intelligence.
“Millenials aren’t as sad as they say.” Also, “Millenials are poor, sad, forever-single individuals who can’t find someone desperate enough to marry them.” Felt like when they rub the alcohol wipe on your skin right before sticking the needle in. 😑😭
Seeious Q about myth #4. If I had the same advantages as older generations: being able to afford a house with a single income, affording college working part time, and getting a job with a pension, I wouldn't need the benefit of extra time and new, easy to use technology to build investments, right? I'd have equity in my house, decades of stable pay, covered insurance, and a pension in my retirement.
It doesn't seem right to downplay the obvious advantages of past generations while repackaging the things that we have to do to not even get as much as "advantages."
The problem is that you’re looking at it wrong. It’s easy to look at a previous generation, since you have the benefit of knowing everything that has occurred between then and now. It’s much harder to convince yourself to take action today, to do something that you hope will benefit you tomorrow, without actually knowing if it will.
Imagine being able to tell 18 year old you that if they made a few different choices, 30 year old you would be far better off. Would they listen and take action? What about 50 year old you telling current day you to just make a few little changes and sacrifices today, and you’ll be in a much better place at 50. Would you listen and take action?
@@DB-bw5fz That's not actually an answer to my question, and I disagree with the premise that I'm looking at this incorrectly. It's important to look at both the past and present and take an honest assessment. I think you might be referring to how difficult it is to think about future you and make sacrifices today that pay off down the line. It is difficult. I'm pointing out that prior generations in fact did have it easier because major expenses were more affordable and they also had pensions.
I'm saving for a wedding at 34, and saving as much as you've mentioned on that slide.
I've done nothing for 5 years to afford that much for savings. Nothing. Beans on toast for breakfast. Ham sandwich and soup for lunch. I've to continue doing that, for another 31 years? It's mad.
Worker harder, save harder. That's all it ever is and why millennials get abuse for it. I've been doing that and seeing absolute no light at the end of it. There is another solution and it's not allowing billionaires to exist. Tax it to high heavens. Make it not possible and millennials might be able to take a week off work to enjoy themselves whilst we are still young.
28 here. I hate my job, I’m gone 3 weeks out of the month traveling to business meetings and the salary isn’t great for what I do. Living in a busted down apartment that flooded half a year ago and I’m pretty sure I saw a mfer die here. I don’t own a car and commuting in the winter is tough for me and my girlfriend. I hear you, I wish things were different and everything was more affordable.
With all that being said, cry me a river, build a bridge, and get over it. You have a phone and you have the time to make a TH-cam comment. We are the most privileged generation of human beings in world history, yet we still complain. Your quality of life is echelons better than what people from even 50 years ago had that were in the 1%. You don’t want to sacrifice? Then you don’t get the life you want.
Why do you want such an expensive wedding?
@@SpicyBoba7431 sacrifice now so that my kids can do the same sacrifice, for their kids to sacrifice more. It's forever repeating and out generation are opening our eyes to it. Trillionaires exists. That's one million million. Who are we making the sacrifices for?
@@MartinMc90 Jobs that others don't want to do usually pay more, so if you can do those and make more money, it might be easier for you. I got married in Vegas for $250 + travel, so you could consider a cheaper wedding like that. If you're saving for the wedding, it seems like once that's paid for, you'll have freed up some money. Also, you're saving the 25% so you can retire instead of working until you're 75.
@@MartinMc90 My kids. I’ll be passing them down a portfolio that generates them revenue every year. My bloodline will be financially strong. I hate to say it, but finance wise, we had shitty parents that didn’t set up their kin. I won’t make that mistake. My grand kids should be able to pursue a life in the arts once I’m gone.
No please stop saying your excited every time 😊😊😊😊😊😊😊😊😊😊😊😊😊😊😊😊😊😊😊😊😊😊😊😊😊😊😊
Problem is, the young people I know, the bad habits of not saving young seems to translates into not saving later when their older. I worked with them, and they did not believe in the stock market/401k. Not all of course.
The 66% data is old, sourced from 2018
I am 26.5 and have 100k in my 401k. My income is 115k. Am I doing well or should I save more for retirement?
How much are you saving per year? My goal is always 50%, but most years it's 30%. I like that percentage because it means every year I save 50% is basically a year I could take off.
Bo and Brian say *25%* all the time. Probably every full episode. Are you saving/investing 25%?
@@Excalibur2 outside of my retirement I save my commission checks since I work in sales and try to live off my base pay so about 30% of my income
@@rayzerot 15-25% depending on finances at the time but I never got below 15%
@@aylitrwygtctw37 that's great man, far better than most! If you can aim for the 25% annually like they suggest, you'll be very well off in your 60s, possibly wanting to retire before then.
I got into the game late, so I'm doing all I can to catch up, but still probably retire earlier than most elderly people I know.