Most People Alive Today Will Work Until They Die
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Edited By: Andrew Gonzales
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#retirement #personalfinance #howmoneyworks
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Most people alive today will work until they die. Retirement is the career professionals promised land. Study hard at school, get a good job, work hard your entire life, live within your means, invest diligently and you will be rewarded with endless free time in your final years. It’s not much to ask for, but to most people alive today it will only ever be a dream.
A Bankrate survey found that fifty five percent of Americans are behind on their retirement savings and ten percent don’t even know where their retirement savings stand. Like most things to do with personal finance the numbers are ever worse for young professionals. The national institute on retirement security reports that sixty six percent of WORKING millennials have NOTHING saved for retirement.
Even though two thirds of millennials work for an employer that offers a retirement plan only twenty percent participate in the offer. Millennials are between the ages of twenty-seven and forty-two. Many people in this group are at the peak of their careers so these reports can’t be attributed simply to young people just starting out in their financial lives.
But who can blame them? The financial firm Fidelity recommends that you should have at least the equivalent of your annual salary saved by age thirty, three times your salary at age forty and six times your salary by fifty to be on track for retirement. I like to think I am personally pretty good with my money. I have come from a career at an investment bank where I was earning a lot more than the average person my age and I still got nowhere near these numbers.
A higher income does mean the goals are higher since this is based on multiples of your income but it’s easier to save when you earn more too. If you are actually on track with these numbers, I am genuinely very impressed, let me know in a totally unverifiable comment in the comment section and I will give you an equally worthless love heart reaction.
But most people are well behind Fidelities recommendations, the NIRS found using the recommendations of financial experts only five percent of working millennials are saving adequately for retirement and everybody else is probably going to be working until they die. There are three big reasons for these alarming statistics. The first reason is all the obvious stuff.
Inflation is at a three decade high, millennials started their careers after the worst financial crash in a century, the cost of college is increasing eight times faster than wages, most young graduates are leaving school with five figure debts before they even start working, renting even a one bedroom apartment is now unaffordable everywhere in the country for someone earning minimum wage, and saving for a house is almost impossible in the expensive cities with good job opportunities.
A New Yorker with a college degree would need to commit to 7.5 years of dedicated saving to have enough to make a down payment on an entry level apartment. That dedicated saving can only start after they pay off their student loans which now on average takes twenty years. After they buy the entry level apartment, they then have a thirty-year mortgage to pay off. If this person started working at twenty two they would be seventy-nine years old before they were a debt free home owner in New York in an ideal scenario. Variables like starting a family, getting sick or earning less than the average college graduate would put them even further behind. And that’s just reason one…
So it’s time to learn How Money Works to find out why you will be working until you die.
I don't mean to brag but I literally have hundreds of dollars in the bank
No need to rub it in, Rockefeller.
How dare does this male have so much money, Gender equality now
U lucky son of a bunch
You're really going places 🙋🏾♂️
only?
Man I can't wait to spend the majority of my life working a job I don't like, so I can enjoy life when I have trouble getting out of a bathtub. This system is so cool!
That's life, whether we like it or not.
Or get a career that you absolutely love and wouldn't change for anything ... I did and have no regrets. Maybe it was just my attitude.
Plenty of people retire early but I'm afraid it doesn't just fall into your lap. There is in fact work that needs to be done as much as you may not like to hear that. Those who are successful do not follow the traditional path you've outlined which is a good first step to take. Changing your way of thinking from employee to employer... from doer to thinker. From worker to creator. Read those words carefully and then take a look at all the financially successful people out there. They all follow that system
Let's destroy our bodies, so that we can use the money we made breaking our bodies to pay for doctors.
@@delinquense Dude, that's good for you, but you have to see that most jobs in the world are shit. Just because you enjoy yours doesn't mean that all people will be able to do so as well.
If you had been spending your life working on a conveyor belt, you think your "attitude" would have made you love it. And if you are now gonna say, then get a new job, most people don't have the luxury to chose something they like to do and end up doing something that brings them joy. Most jobs are shitty jobs like doing the same shit over and over on some conveyor belt. Those jobs need to be done, and I'm sure you also want those jobs to be done, so you can enjoy buying the stuff they make.
I remember some politician poking fun at young people who thought they could do better for their own retirement rather than pay Social Security, "oh, sure, you can say that now, but when you get there, you'll waddle up to that window expecting something"
My thought was, "you don't understand. I'm not convinced there's going to be a window left to waddle up to."
You can be sure there that's going to be true. We have the privilege of paying into this Ponzi scheme and get nothing in return when it's time to collect. Either that or they'll raise the age to collect to 90 or 100.
I don't mind a mandatory savings plan similar in concept to social security, but with one major change... You OWN your account, including all your 'donations', and all the returns on those investments, and that ownership survives death. That way, if you die at 64 years, 364 days, at least there's something left for your kids.
where I live there is mandatory 20% "social security" tax on income, or $30/mo if unemployed. yeah, none of that shit I will see ever again. I mean at least my gradfather earns more from retirement than I do with hard work
@@kevykevTPAif you started working at 18 and worked until 65 and only ever made $35k/year for those 47 years and you put 12.4% of pay into retirement getting the historical 10% return you would retire with $4.5 million. Instead the government that currently takes 12.4% of our pay will only pay you $15k/year in retirement.
@@TheNotimprezedThey give you it guaranteed bssed on debt financing growth not equity in stocks. This disconnects it from the business cycle of growth and collapse which was its entire goal.
Also they dont take 12.4%, dont exaggerate.
74 and still working. Getting paid to walk 3 to 5 miles a day, working out lifting boxes that range from 20 to 40 lbs. Like my grandfather stated. Humans like horses. Once they go down they never get up. He also stated if it's green, eat it. You will live longer.
I’m 67 and still working full-time. I really don’t want to retire. I just hope that me or my wife don’t come down with some God-awful long term illness, which could potentially bankrupt us.
What do you do for work?
@@nicholasd3990 walk 3 to 5 miles a day, working out lifting boxes that range from 20 to 40 lbs.
Still wrestling 160 pound water heaters past 60, water heater installer. Hope to live and wrestle past 70.
I agree that working generally does keep people loving longer but it would be nice for it to not be so mandatory.
As someone with an income of 0, I am both infinitely ahead and infinitely behind on my retirement savings.
very cleverly said
Likewise, I've just pretty much given up at this point. Bounced from job to job out of college but couldn't get anything to stick. The jobs I did like and did commit myself to always failed because someone who didn't like me and coincidentally was always in a position to get me fired got me fired. Trying more independent routes hasn't worked. Meanwhile everyday I see talentless teenagers on social media making millions.
The days of talent, dedication and hard work being rewarded are over, and so am I.
@@fuzzypanda1684yeah dude if you keep changing jobs because you either suck at it or you don't but somehow by incredible odds each one of the good ones would have a person who hated you so much that they would sacrifice your great performance and money you were making for the company to fire you due to personal issues... the common denomination here is you bruh
@@aw2584Jesus man, please proof read your comments before making them, I felt like I was reading the translated ramblings of someone suffering from a stroke.
Anyway, your appalling grasp of the English language aside, I don't actually disagree with you. I've long had atrocious luck in many endeavors that I've undertaken, whether solo or ones reliant upon others.
For instance, I'm guessing that despite your lack of writing skills, you have a decent job anyway, which just lends credence to my point.
@@aw2584you're pathetic🤭
One of my college professors told the entire class my generation would not be able to retire and that social security benefits probably wouldn't exist by then anyway, so we shouldn't count on them. As a millennial, I think he's correct for many of the people in my generation. I'm sure some folks will figure it out. A lot of people won't.
I think that's why people have gave up.
No, it's those damn phones😅
@@vanvekeron definitely not the phones. I use mine for at least 4 years
Once a year or so I review my savings (both non retirement and retirement) and budget review my financial goals so to speak. When testing numbers for retirement I don't look at SS. I figured if I save planning on it not being there I will have extra savings.
SS has enough money to pay around 75% until the year 2090 I think. invest in yourself and buy US stock index funds. I am retiring at 55 and will work part time for spending money
People make fun of folks who play video games a lot in their childhood years or early 20s, but they fail to consider that maybe they're just squeezing as much enjoyment out of life while they still can, because they're painfully aware they won't always be able to get on.
Imagine if you would if put this much of an effort into learning a skill. You would be making alot more money.
@@SrRAFAGASplaying video games good is a skill!! lol!
@@SrRAFAGASmoney for.... What? I'd rather spend the first 40 years or so of my life having fun with what I love than the last 10 to 20ish where my body is fu...d using the money I slaved over saving to just keep myself alive and that is if I'm even alive at by that point, money is a means to an end, if I can reach my goal in life ie.being happy without more money then I can skip the slavery process entirely
@@filipecordeiro2867you do not need to be in amazing shape to play video games all day. Theres definitely something to be said about getting the most out of youth visa via making memories and spending time with friends and family before obligations and other responsibilities take on too much time. At the end of the day its your time and you can do what you want but i would not put video games at the top of a list of things significantly harder in your 50s-60s than it is in your teens and 20s
It sounds like you know you should be doing more for your future, but you're hanging onto your childhood. No biggie. You do you... but I've heard the story many times before of how much people regret wasting their 20s especially.
The young successful ones have a common theme being that they all started from either their teens or even younger in some cases. It's really up to you.
My parents always used to tell me "if you can't listen and understand, then you will experience and feel."
I'm just a random guy on the internet so make of that what you will, but I know for a fact freedom is what you're looking for... and the only way to achieve that (so you can play as many games as you'd like) is to cover your expenses with investment income.
Remember we start out crawling, then walking, then running. We learn our ABCs, then words, sentences, paragraphs and papers further down the line. Everything in life is a process. Don't rush. But in the same way don't forget to start, because you'll only delay the process more than it should be
seeing people afraid of not being able to retire in a country where you get laid off at 35 if you are not atleast at manager level seems depressing
Im on track at 27, but I can’t imagine being any more miserable. I don’t see my family anymore or have friends/hobbies, all I do is work.
Damn daddy
All my coworkers and social circle don't understand how to live frugally at all. It's entirely a life choice no matter how people screech inequality etc etc. Big phone plans, subscription services, new cars, new clothing every year, and big nights out at bars with big bills. You show me a person who still drives a 22 year old car (like me), never goes out to eat or party, and never goes on vacation; I can 99% guarantee that person has good savings. Young people these days want to live a life of luxury like the boomers, but refuse to recognize the economic landscape is different now than before. The great depression generation didn't get new cars or vacations, and the smart youngen's can sense the difference and have been living accordingly. You're doing the right thing, and you'll thank yourself at 40 with financial security while your peers are freaking out.
go see your family , life is not promised, scary times are coming
@@wuy4Tips on living frugally? I live on chicken and rice, my gf thinks Im starving. We went on 1 vacation so far in years, it was a day trip to new york. I have the most cost effective apartment in my city because I somehow convinced the apartment complex to give me a military discount because I had a temporary Army ID. I had a scholarship and paid no tuition, but the room and board gave me 4 years of student loans to pay off. My retirement savings are severely behind still. Im a scientist at a massive company. Bottom line is, my wage increases have been meager, rent increases have been huge, house prices are too high, and my career choice was wrong. STEM fields are not created equal - engineering and computer science are good - the rest suck as jobs. My frugal living drives my girlfriend insane, but it doesnt come close to making up for how little wages have grown compared to rent.
Good for you. Keep it up! Make sure you are learning new skills so you can continue to advance in your career.
I'm actually on track for retirement based on my salary and age (40). But, that's ONLY because I got incredibly lucky and inherited (and sold) land from one of my grandparents in a rapidly gentrifying area of my city. That accounts for 90% of my savings; without that incredibly good fortune, I would be completely screwed.
Nice of you to admit your good fortune, a lot of people would take that for granted.
How to tell someone is white
@@savagefrito LMAO Most rich people I know in the US are people of color 😂
Lol
There are some parts of Canada where small "cities" have had house prices increase 4x within 10 years. Anyone who had real estate in these areas are set. Definitely not me though as my family was not financially smart when I was younger... 😢
Well, the cheapest .410 shotgun I can find is 159.99, and the shells aren’t that much more, so I technically have enough money to retire for the rest of my life.
Nice
😂😂😂😂
Thanks, I needed that laugh after this depressing reminder for millennials
That’s my plan B
If you have the choice to have a good life until you're 70. Or have a good life the last 10 years where you can barely do anything. Don't pick the last 10 years. They are over fast. You won't suddenly do everything you've always dreamed of your whole life.
yeah. working your ass off during your good years, so you can 'relax' at the ripe old age of 70 when you can't even run anymore - fuck that lol.
That is correct my friend 😊@Hobohunter23
Yeh😮
A big factor for a lot of people is job instability. The rate you have to save at to make up for months or years you may be unemployed to to market fluctuations gets scary really fast. And who has the willpower to immediately plow 30% of their income into retirement after being unemployed for 4 to 6 months? Everyone just wants to celebrate and destress after that.
Exactly. I chose not to have kids so I could retire early. Granted I left the first job out of college which was small business but I left bc it wasn’t what I went to school for. I was laid off my job prior to going to college. Then after leaving the other job I’ve been laid off two other jobs. Three jobs I didn’t accept I would have been laid off had I accepted bc they all closed. And one other I left two years before it laid off. So I’ve had to restart and go broke like 4 times at least. Now I’m working in one that is awful but can’t decide to ride it out or quit and wonder earth like kung fu.
@Brian Adlich don't give up, I was speaking from experience on the whole losing your job and having to save extra hard to catch up again. So I know how you feel.
The first financial goal I saved for was to have a couple years' living expenses saved up in case I lost my job. Next, I wanted to buy a house with cash. All along, I maxed out my 401Ks. I was able to buy my first house with cash after 7 years working as an engineer. I lost jobs typically after 2-3years. People seem to double down on stupidity when they face threats.
@@philmarsh7723 How many bedrooms? I’m wondering whether “starter” homes even still exist at a reasonable price since historically they’ve been torn down in favour of two bedroom homes meant for families rather than just couples.
work, pay off debt, save, lose work, spend savings on necessities, go into debt for necessities, get new work, pay off dept. rinse, repeat.
My spouse and I actually at those goals, but it's only because we're in our 40s and we still lives more like a college students than career professionals. He had an obsessive fear of homelessness so every spare cent he makes goes to savings or debt repayment instead of lifestyle creep, and I joined along with him. *This is only possible because we could not have kids.*
So you don't get to really enjoy your life but hey, at least you might once you hit 65+
@@devotee8701 We enjoy life but we live simply. A small house (fully paid off.) I drive a 13 year old car. Neither of us bother with fast fashion. We don't "upgrade" things for the sake of getting newer, until the original has broken or is no longer fully functional.
I’ve never married and don’t have a daddy/husband to financially live off of so I pay 100% of my bills. No savings in my bank.
@@katarh Plot twist: The 13 year old car is a Bugatti Veyron and you wear Hugo Boss.
Dave Ramsay would be proud
This is only because workers refuse to work together and unionize. People faught and died to force companies to pay pensions to their retired workers. People need to realize that ceo's of major companies will never act benevolently toward their employees.
This.
How would you unionize? I don’t know anything about that.
Maybe once they did. Unions are as corrupt as the companies they rail against. Their leadership backs their own memberships destruction and once it has been destroyed, the leadership looks for the next group to destroy. I watched the Steelworkers union destroy a Kaiser plant back in the mid 90's. The plant never reopened. All workers lost their jobs. But the leadership moved on and still collected large salaries!
You can blame mr trickle down union buster for that
It has been true even for my parents' generation. It's just too bad they did not realize they were scammed until way past their prime. They still tried to convince me to stick to a company for 40 years to get good pension when they were still working, but that all changed when they finally "retired" and received their pension and realized they would still need a dual income from two kids just to survive, because their dream 'pension' is literally peanuts. It may have been useful 40 years ago, but right now it's literally enough to buy grocery for 3 days, or maybe some packs of peanuts for a month.
Pensions have never been economically viable, and the relative few that actually got a good one are the exception. The math simply does not work, but some folks slipped through before anyone figured that out. It's why I tell my friends currently pulling one, especially from a government entity, to not count on it existing for the rest of their lives.
Recent 40yr old here. I'm not even close to saving what is recommended but I gave up on the traditional idea of retirement long ago, at least 15 years ago.
Instead of wanting to retire and just live on a budget doing nothing, I transitioned my mindset to "what would I enjoy doing until I can't do anything?"
Retirement for me looks like operating a gokart track and a few rental properties in a low cost country.
Yessssss. Go karts! In Paraguay. Or Argentina. Or Chile.
Retirement for me is part time work for 30 or 40 hours a week doing something enjoyable. I'd go stir crazy and explode my portfolio if I stopped.
When I started working, I became friends with the janitor. He told me that he started in the company at age 18 and was now 63 and a multimillionaire. He was told to purchase the company stock as a teen. He was worth millions. He purchased a house for his mother in Mexico, his daughter in San Carlos and himself in Palo Alto. He inspired me to put away as much money as I could in hopes of one day becoming wealthy. I am already a multimillionaire and I still have 15 years left to work. I recently switched to part time work and still earn six figures. I am able to now spend time with my family.
Saving up a bunch of money and retiring is an outdated concept. You need assets such as rental properties to weather future inflation.
You often cannot buy property in other countries
I'm a millennial my retirement plan is societal collapse 😂
Same as my housing plan
För real
Beautiful
Exactly. There's no hope otherwise.
the first day on the job my mother had just started the boss lady took a shit in the toilet call my mother to flush it my mother said if you can wipe your ass you can use the same hand and flush your toilet I just quit witch
One of my biggest issues is I was never taught anything about money and I’m starting from the bottom with no knowledge no money no idea where to start. I do have time on my side though and I’m on a journey figuring it all out
Best of luck to you. Lots of good resources online. Overarching strategy i have always used - make as much as possible, save as much as possible and the best amount of debt to have is the closest number to zero. I know it sounds basic...you would be surprised at how much money young people in particular piss away on nonsense.
Dave Ramsey
Ramsey is the best place to start. He starts with the basics. No excuse in the days of TH-cam to not have learned about personal finance.
As someone who grew up the same. You'll get there. If anything you know what NOT to do.
#metoo
Worked in a retirement company as my first college internship and fortunately learned a bit about retirement planning. Turning 30 this month and I’m on track but I know plenty of friends who are not
Retirement plans was my first job out of college in 2021 when the markets were going down. That was definitely an eye opening experience
Being a nerd, hate traveling, few friends, no partner nor kids, love the current job, don't own a car and go cycling instead. Now I'm ahead of my retirement plan, although I'm pretty sure a lot of guys would call this a miserable life.
If only I could have a job I enjoy, I'd be able to say "same".
As long as you're enjoying your life, that's all that matters.
because it is
That's the problem with society, if you don't live up to it's expectations of a happy life, then yours mustn't be a happy. I call BS. If you like what you're doing in life, then that's a life well spent.
@@SigFigNewton I know humans are GENERALLY hardwired to be social creatures, but why is it so difficult to believe some people aren't? Humans are also GENERALLY hardwired to procreate and yet gay people exist. Minority exceptions/ diversity are an evolutionary benefit for when conditions change.
My dad's cousin made excellent money as an accountant at competitive firms. But it was an absolute grind. The type of job where the bottom 25% or so of performers get fired at the end of the quarter. High stress. Long hours. He didn't take care of his health as a result and died of a stroke at 62 before he could retire. At least he died doing what he liked for work but he lost so much time with his family and friends.
That's really a tragic story.
thats how the pyramid rat race works while the 1 percent get rich of your dads cousin who sacraficed hes life on the battlefield for the wealthy
@@mjohnson1741 It's not that uncommon. I know a half dozen people who died within 6 months of retiring, and my uncle just retired and immediately had a massive stroke and is now mentally challenged and can't live on his own. Saving is good, but don't save "having fun in life" for your later years, it may be a waste.
He made a bit of money but at what cost? It doesn't sound like a good trade to me
At least he died doing what exactly what capitalism wants, make profit for the ultra-wealthy and die before retirement...
RIP
Enjoy your life, it can come crashing down no matter how much money you make. We need to come together instead of battling each other for finite resources that hardly add value to our lives.
I joined the US military at age 18. Currently 23 with $90,000 saved up purely from my military income. I keep my money invested primarily in S&P 500 index funds and stable dividend stocks. I keep a good chunk in my Roth IRA as well. It sucks to spend so little and not even have a car, but my passive income gradually builds over time and I'm feeling pretty good about it.
Stay for the pension
you are a real buzz kill it cost money to have good stories to tell.
@@pensacola321 I won't. This lifestyle isn't it. I'll endure it until my EAS, but I refuse to be in the military for 20 years.
Yes. Work all your life and MAYBE enjoy it when you're you're old and frail
Don't get married as it will be blown quickly.
It's crazy how often times the best financial decisions are the most seemingly boring ones, but that's honestly okay.
It’s not just financial decisions that this is true for
@@bufkinsmith7650facts this is damn near everything 😂
saving for retirement isnt supposed to be exciting, its supposed to be sensible
@@danhunt3327 idk, is it sensible to be saving so much during a time where you're hobbling around and lack the energy to do things?
For most people is the true and tested method is the way that people should follow, with everything there’s outliers.
This is so true! I meet many people 60+ who tell me they're "retired" but working Uber, greeting at Walmart or doing consultant work. That is not retiring!
I know lots of people who still stay active (work) even though they are fairly well off
Because a person can't just sit idly by and do nothing. Gardening isn't enough for all. If a person's whole life was spent working, and it might just feel "right" to continue doing it, even if you don't have to.
@@BuzzKirill3D I don't buy it, if they could afford it they could play golf everyday or do volunteer work or travel but retirement pay isn't enough.
@@smokinhalf you might think they're well off but they might not be.
@@SecondTake123 Not everyone likes golf and you can't travel 24/7/12 months a year. Doesn't matter whether you buy it or not, many work for reasons other than money. I am one of them. I work 6 days a month and I really enjoy it.
I wasn't financial free until my 40’s and I’m still in my 40’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone's that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.
yeah investment is the key to sustaining your financial longevity but venturing into any legitimate Investment without a proper guidance of an expert can lead to a great loss too
wanted to trade, but I got discouraged with the market price fluctuations
Can you recommend a guide for me?
Haven't you heard of Expert Chrissy Barymoer ?He gives excellent guide on the right stock with high dividend
I would highly recommend Professional Chrissy Barymoer his strategies are just great especially for novice in this stock field
We’re like a bunch of ants, running around in a frantic attempt at dealing with aging and death. That’s all working, saving, investing, not spending, etc are about. Everyone loses in the end. Why not just live your best life in your best years, then choose when to end it? Why is that question so taboo? It’s the ultimate control over your life instead of playing games to work as much as possible and living as long as possible. I work just enough to travel while living in my car before I make my decision. I’m happy and at-peace with my plan.
They like free market so much, except when it's concerning euthanasia
We are more than just a bunch of ants. Survival of our society requires work, even if we were just agricultural farmers, we’d still have to input effort to get the output of usable resource. When you travel, someone has to be working at your accommodation, someone had to build the vehicles, someone had to found the petrol stations, someone has to make the food, someone had to make your clothes and travel gear. Work is an integral part of human life. It doesn’t have to always be hard, but it doesn’t always have to be easy either. Everyone believes differently but the truth of the matter is we were put here for a greater purpose, to know our Creator and be reconciled to Him by the forgiveness of our sins (we are spiritual beings not just bodies), through faith in Jesus Christ the Messiah, so that one day we can be redeemed and enter into the perfect fellowship with GOD in Heaven that we were intended to have before the fall of man. Yes, we toil in this life. But we also laugh, we also smile, love, and more. Trusting and following Jesus doesn’t mean we will never have trials, just that we can get through our trials fully grounded with a sense of purpose and an eternal hope, which gives a level of joy anchored in the immovable faithfulness of GOD.
I never thought I'd find someone who thinks the same as me lol. Live a nice life and off myself with nitrogen when I feel like it. I suppose the idea is taboo because suicide or whatnot
The problem, I suppose, is friends and family but I kinda don't have friends and I'm not looking for anyone so that's fine. Also probably a good idea not to splurge too much in case you change your mind later on and don't want to be crippled with money problems.
this is my plan lol
Will you have the courage to end your life though? I once suffered great depression that almost crippled my eyesight, and even then I still can't find the courage to end my life.
This is one of my biggest fears. I’m doing everything in my power to retire well before 65.
Work until you are old. The younger you retire the longer your money will need to last. You’ll be forced back into the workplace at an old age. Unless of course you don’t plan to buy a home, have kids, get sick and you live in a country with free healthcare, lol.
HEy, fellow Tennessean
@@carolperdue7534 If he decides to have kids or already has them, they’ll likely be already building their careers by the time he retires
@@carolperdue7534 I live in a country with universal healthcare and have been working really really hard in my twenties to buy a property but also so that by my thirties I can afford to only work part time and stay at home with family whilst partially living off gains from short term investments or side hustles.
@@Wilhelm4131 Greetings from 901 city, out west. 😊
I absolutely love the "suggestions" from the baby boomers. They are so quick to throw out a solution and it's like "oh wow, getting a part time job during college, I never thought about that", or "oh just rent out additional bedrooms in my house and cut some expenses, that is incredible, how come it's so simple?" Throw them into our situation now and they would flip out
[They don't know what they don't but they seem to enjoy buying 2nd and 3rd vacation homes in areas based on their made up story they formulate based on face value and blowing hot-air up eachothers rear ends😅]
Yeah rent payments don't always happen and working low wage jobs often leads to poverty unless conditions are right.
Many boomers are in our situation, and more will be in the next few years when they outlive their meager savings.
There should be a reality tv show like wife swap or something, where a boomer has to work and live for the same pay as a young person.
@@michaelgormley2294 Well even those with 1 million cash are not sure they will not outlive their money. I can't see the younger generation having much cash in old ages because housing (education, and other basic expenses) cost more than before.
I’m 60 and I have 0 for retirement. I’m supposed to retire this decade, but that’s not going to happen. The best I can hope for is that I die before I get really sick or unable to work.
Why don’t you have retirement savings?
@@tmusa2002 He wasted his time plain and simple. Let that be a wakeup call for you and anyone else who reads this. It's common but completely preventable with an ounce of discipline
@@stormblade1199 I’m with you and tho I’d love to have even more saved, I’ll be able to retire a few years early anyway. Everybody who listens will be told by me to save and truly how easy it is to save early as a monthly habit. A little goes a long way when you use compound interest (and don’t let it use you). 🙂
@@stormblade1199You are a terrible person.
@@DreamChaser415 The only way someone would have a problem with what I said is if it applies to them directly. So I'm sorry you wasted your life as well
I watch several TH-cam videos on how to trade in the stock market but haven't made any head start because they are either talking some gibberish or sharing their story of how they made it and I do not want to make mistakes by taking risks in my own hands
@@AustinWalker67 I want to go into stock but i need a certified/registered professional who will guide and handle my account;;
@@Patricia-Margaret What is the name of your broker and how do i connect with him or her ?
@@AustinWalker67 Wow that was easy, i found her website and left a message for her . i hope she reply me. thanks.
@@Susanne-zuku Alice Marie Coraggio her trading strategies is working for me for more than a year now and I’m making good profit from the stock market and she's 100% honest, reputable and trustworthy
SCAM SCAM SCAM SCAM SCAM SCAM SCAM SCAM SCAM SCAM SCAM
As a very wise man once said: The secret ingredient is crime.
Get into congress - then you can do insider trading, and it's legal.
In this economy, how else could he afford to support the twins?
finesse the world, don't let the world finesse you
@@incurableromantic4006 The biggest criminals of all.
@@adamd9166 The law binds but does not protect the masses; while the law protects but does not bind the wealthy and powerful
Pin me because we are all broke
Edit: thank you for the heart and thank ya'll for the like normally i am broke alone but now i know that am not, i hope we all get over this hardship.
Amen brother 😂🤷♂️
🤝
You spoke to my sooouuuuullll
Boomers: work harder and you won’t be broke!
Millennials: been there done that
Speak for yourself, I'm doing just fine 🎉
Real answer? People have no ability to delay gratification anymore. The media and marketing has driven us to feel we cant go without anything anymore and we are all entitled to everything all the time despite our effort.
This is a major problem!
Finally, someone gets it!
The average American has a spending problem.
We have an expert here!
Being a non-materialistic person is such a financial godsend. I am perfectly happy driving my beater car, in my very average apartment, wearing thrifted clothes. I could absolutely afford to "upgrade" my lifestyle but instead I invest 40% of my income so that I can retire at 50-55. I do agree on spending on experience though. I take at minimum two international trips a year and thoroughly enjoy seeing the world. That is something you want to budget for and spend on when youre young, not dumping it all on a new luxury car or renting a "luxury" apartment that you barely qualify for.
I was one of the ones who were on track and then some. Started my first real job at 21 and putting 10% into my 401k. As my dad said if I never felt like it was missing I would never notice and he was right. Then the company I work for also has profit shareing that's been averaging at about 5% of the employees wages for the year for the entire 12 years I've been there. And I was doing around 60k a year. Mortgage paid never an issue cars completely paid for.
Then the wife got cancer that didn't respond to chemo and due to complications surgery was a really big risk. BUT a cash only experimental treatment did work... For the low low price of $1,500 a week.
Cancer sucks, it is a existent problem in my family.
This sucks financially but I am happy that you found something that works!
On one hand it’s easy to see how much you lost on that treatment and how retirement is now a distant dream.
On the other hand, if that treatment was truly cash-only, your saving habits probably saved your wife’s life. Perhaps the saving wasn’t for nothing.
Good job helping your family. Family is what matters the most!
Glad to see your early sacrifices paid off.
A true emergency fund should be in the mid to high 5 figures. This covers medical , legal and jobless issues.
I managed to convince my brother that he should be putting a lot more money into his retirement plan last year. It finally sunk in when I showed him numbers and he's putting a hell of a lot more than he used to. My sister however is headed for a very sad retirement.
Empathy for your siblings, i can relate!
Is your sister married? Maybe that’s why she’s not worried about saving if husband is doing the retirement planning for her.
It doesn’t matter what you do the 401k system much like the banking sector is insolvent. You might want to rethink the idea of calling your congressman and demanding they fix social security because everyone is about to have a sad retirement until then. Except the ultra rich they will be fine.
With inflation, you won’t get hardly any money you put into retirement. There will be more money printing in the future too.
Give your sister money then😂
I’ve known I was screwed on this front for years. Never made enough money to even begin to save enough (always in debt) and with all the factors against me-I’m working until I die.
If you get any cash back on the credit cards you use, send it to your bank account, open a Roth and invest into VOO & pretend that you don’t get cash back so that way you don’t feel the $5-20+ of cash back but it’ll be a start. Good luck my friend
Hot take: Most Millennials do not need to worry about retirement because they are not taking adequate care of their health. Their odds of even making it past 70 are not great and it's not like you can take it with you.
Bullshit.
I think we will still live longer but for some with worst quality of life than previous generations
@@weird-guy Younger generations aren’t smoking but they sure are eating . I don’t think I’ve ever seen an obese senior citizen in my life.
I don't think inflation and increases in costs is helping matters because now a lot of millennials have to work multiple jobs or go job hunting for better wages just to get by, which in turn would inevitably put tremendous stress on their shoulders. And all that stress inevitably affects their physical and mental health, and would cause insomnia. To make matters worse a lot of millennials just don't have a lot of time or money to simply cook and eat healthier and nutritional meals because of their work schedules and stress. So they often settle for fast foods or processed. And some tend to rely on smoking, drugs, and alcohol as a coping mechanism for all their stress and anxiety.
This is true
I’m 64 and in my eighth year of retirement. Haven’t started SS yet.
One thing to keep in mind…you may not have a choice when to retire. Health, accident, or some other unforeseen circumstance could end your working days before you are ready to quit.
So maximize your retirement savings now. Do your level best to increase your income and spend only as much as necessary.
collect now... you said it above some what... and with the Virus, most of us will die early... and if you have a house payment, or bills... better to pay it off now using SS... and 182 republicans just voted last week, to cut SS by more than 1/3d, and Corp News won't put that on the air... Watch Thom Hartmann's show...
Better live life now than to die an old sad life
@Jaeger19Ultima live until you die? Lol
This is great advice!
This is sobering advice. I don't plan to ever retire, but I'm saving what I can on the chance that continuing to work may not even be an option at some time.
I'm 67, widowed, and work part time ( I'm not capable of working full time all year, although in summer I do) to supplement my Social Security. I do have a paid house, but not much in savings due to a 12 year illness. I have always lived on as little as practical and don't mind trashpicking and thrift stores. I realize I'll never be able to totally retire while I'm still able to work, but I'm terrified what will happen when I'm no longer able.
But society insisted that married women wouldn't end up alone, and struggling financially. You mean marriage DOESN'T guarantee a happy ending? Who would have thought that? 🥱
Not really on topic, I just want to say that I love how your tough love perspective is perfectly integrated with countless curiosity-triggering movie/TV show clips that make want to know the names of every single one. 👏
As an Australian I am indeed up to those numbers for saving, i am in fact well above that... because the government forces my employer to invest part of my pay to a "superannuation". This has been the case since 1990.
The government essentially forced people on an income to save.
Force is never ideal. People should do things of their own volition. But it is also true that the right decision can be made through the wrong means, just never forget that the means do not justify the end.
@@Barrobroadcastmaster In Germany we call it not force, but generation contract. So instead of investing the money for your own or by a retirement fond, instead the current working generation pays the rents of the current retired and of course, once you are in retirement the next current working generation pays your rent.
Ok, there are some demographic problems with it, but it's a good idea and feels more naturally to support the people who helped building this wealthy super rich country (especially given that most of them really worked very hard after growing up as children in a destroyed country after WW2).
And yes, it's at the best interest for everyone that the system works, so some force is needed here, too. There are some loop holes for e.g. self employed persons who don't have to participate and this ends up very often in elderness poverty where the state (so again everyone of the current working generation) then have to support the person's basic needs (and no: it's not a serious choice to not support, humility is a basic human right).
It's pretty much the same as healthcare. If it's not universal (and to some extend forced), it's much more expensive for every one individually and still worse. I think, every US citicen knows this. It's not like a single individual without (in general) knowledge, power but with serious demand, will get the same benefits on neither the health market nor the financial market (if you invest, you are always in a shark tank where 99.9% of the participants are professional traders, so you certainly don't get individually a good price).
@@Barrobroadcastmasteroh yea id rather struggle all of my life in the United States working until I die because muh financial freedom
@@Ultimeymate If things truly were better anywhere else, everybody would be moving there and then they wouldn't be great for very long because of overpopulation and too much population density. You have to find what works in each area rather than force each community to adapt to the same idea.
Unfortunately, I've come to the conclusion that heavy handed authoritarianism is the only way to get people to save enough money for their old age. Only 1/3, at most, will do it voluntarily.
I'm ahead of where I need to be financially as I'm very frugal and am fine with a very simple life. Not going out and socialising when I was younger has however left me way behind in terms of finding a partner and stuff like that though, so my obsessive drive to save money has ironically been quite costly in some ways. It's hard to say I regret my decision when I have more security than most, but if I had my time again I'd definitely have invested a little more in just having fun. Not everything important can be measured in dollars.
Even a hobby to get out and about. An inexpensive one would probably find you a partner. I met mine at a martial arts class that I attend every week.
I would like to offer an alternative POV. At least you avoided divorce grape and not losing half or more of your wealth. You can always find a partner if you have dollars, but it's much harder to find dollars period.
Spend time volunteering - it’s free, you’re helping society, and if you meet a girl doing it, she’s almost guaranteed to be quality.
There's a lot you can do that's inexpensive. Even travelling can be inexpensive if you do it right. But, you do have to burn a few thousand to figure out what you like, and how to optimize costs.
@@wuy4with this logic if he should be grateful he didn't go through losing a partner, what's the point in looking for one. If you care about finding a life partner, married or not, with all the financial entanglement that entails, it will always involve that risk.
I really don’t feel like working at a crappy job until I die and I plan to retire at around age 66 whether I have the money or not to retire. Money isn’t everything in life.
I started working for the county (government worker ) 10 years ago, they have the (after 30 years you can retire) I will be 53 when I can retire, but they don’t tell you if you retire before 67 you will get 500 dollars taken from you every month until your 67 for insurance ect… so basically you still have to work, luckily I bought my house 9 years ago so I won’t have a mortgage, it’ll balance out,
When do you recommend buying a house? How much money would you recommend having saved up for a 300k house at 6-7% interest rate?
@@b-41subject57depends,where you live? I’m in Florida, right now the prices on mortgage loans are crazy high, my friend just bought a house 4 months ago and his monthly payment is $2200 a month, he got his house for $340k , my house I bought it for $143k and now it’s valued at $308k, I’d wait till it goes down if you live in a big city or cost of living is high, my friend paid $20k down payment for closeing costs and everything, I paid $500 out of pocket because I got the first time buyer program,
I'm on track with this calculation at age 30, although it's only because I have never spent serious money. I fully expect those savings to disappear the moment anything expensive happens (i.e. new car/house needed, child occuring, etc.) and I'll be back to square one.
Especially kids. I heard it takes something like a million bucks to raise a kid. Wonder why all the high school kids in your neighborhood are wearing PJs to school?
It's okay to not have kids too, don't let family or your partner pressure you. Such a strange norm to be honest, just casually bring a new self-aware being into existence in a hyper-competitive, capitalistic hellscape whom, statistically speaking, will just overconsume and not meaningfully change the world in a positive way. It's so crazy to me. Maybe if humanity gets it's shit together and creates a better society for the average person, we can talk about re-upping our supply 😅
@@jroseme I struggle with the concept of having children. On one hand, I feel an instinctual desire to leave a part of me thriving before I die. On the other hand, I have become increasingly pessimistic due to the chaotic and damaged state of human life, which has led me to lean towards anti-natalism.
@@Zero-fx5qnwhy would I expect my children to have extra to support me if I don't have the extra myself?
Seems like a bad bet.
@@Zero-fx5qn Not a child's responsibility/obligation to fund a parents retirement imo.
Im going into the military for aviation. Either im working till i die or i am dying when i work
The Military isnt really all that bad(Assuming you are American).
Bro💀
@@TheForever206
Listen the wild weasels are cool. Imma smack my face into a sam so someone else doesnt have to
If you go military, be sure to make them work for you as much as you work for them
Deployments are real money makers if you play the cards right
I'm a helicopter mechanic. It's not a bad gig.
I predicted this back in 2012. If people are spending most of their energy on student loans, then they will never have enough for retirement. With the high interest rates of student loans, it always makes sense to pay them before saving for retirement.
By the time they pay off their loans, they will not have nearly enough. Hopefully they don't get a masters
Last job I had was in September 2010. I'm still alive today. Can't even believe how I've pulled it off but it's true.
Living WITH others respectfully is the only way to weather the storm. The extended family is back in style
Lol I’m doing that right now in my early 30s it’s a 2 million dollar family home with a lot of space so I don’t mind. Also it’s one of my back ups when I get old to sell the home I will inherit and wisely invest it in Reits or any high income fund and just rent a simple place out til I die. But I also don’t mind working until I die to supplement my income besides some people don’t live til retirement age. One of my former colleagues was only 2 years close to normal retirement age and died then my aunty who did retired suffers from Parkinson’s disease and is not enjoying the life she had with her retirement income and savings she had planned.
Only if you have a family to begin with. Some of us have nobody or toxic abusive families.
some of us just aren't built for that. I tried the whole roommate thing - it never really works out. I don't mind paying a little more for privacy, peace and quiet.
Honestly I'm fully open to the idea of buying a house along with multiple people who'll live with me, i dislike being alone anyways so having people around the house is a plus, and i don't have problems with inheritance battles because I won't have kids.
I am a union electrician so we don’t get to decide if we want to save for retirement or not. We put $7.60 per hour into an annuity and 11.80 per hour goes towards our pension fund. I currently make $20 per hour in my pay as an apprentice so my retirement savings are pretty much equal to my paycheck currently
Which local?
I'm not a big fan of unions (they cost me 2 jobs), but 50% into your retirement fund is outstanding and will pay off in spades when your my age....
that sucks dude.. get your money now rather than in 25 years...
@@scotishdude most people can’t handle having money. It’s much better this way. + if he wants to make more, side work for electrical pays $60+ an hour. There’s no reason to be poor if you’re a good electrician
might seem like a pain in the ass now, but it will be good for the long term. Once you are qualified, you could earn extra on the side easily with private cash work.
Lets not even mention that most of the large financial institutions dont believe investment returns will be able to keep up with previous decades averages.
He did mention it, but it's always good to not even mention something that potentially important again.
I'm on track and then some, but it's because I work a stem job, lived with my parents till 25, got through college relatively debt-free, live below my means, and work remote. I'm still amazed by house prices in a medium to low-cost-of-living area, so I don't know how the average millennial is going to get a house or retire
How Money Works already addressed some of those problems in other videos. In other words the situation is only bleak.
During my life, I never bought into Madison Ave's hype about what stuff I needed to be happy and I didn't buy into how much money the financial sector said I needed to retire. My philosophy was to live modestly and use my money to buy experiences instead of accumulating stuff. This approach allowed me to work only 20 years (10 year vacation when I was 35 and final retirement at 54) and spend the rest of my time traveling the world by backpack, paddling, bicycle touring and sailing. I'm 72 and still out there traveling the world. NO REGRETS.
Man that sounds like a wonderful life. Maybe one day I could do that.
While I'd also like to add that that doesn't work for everyone (some poeple want families etc), I want to tell you that I really, really respect how you found your own way, not caring about expectations and the norm and instead finding the best lifestyle you could live.
May more people be as wise as you :)
I was talking to family from the prior generation about this and they brushed it off as alarmist and the same thing everyone has said. Meanwhile their mothers is struggling in her retirement which didn't start until she was in her 70s, medically unable to continue working, has more than one pension, and had savings. They themselves are working well into their 60s, with no significant savings. I've barely saved anything, and cannot afford a house or to pay off my student loans, much less save more for retirement. Add to that the fact that my siblings are in a similar boat and I'm the only one who had children.
inflation will continue to rinse old peoples retirement currently plus younger generation will live longer if medicine gets better , what will the retirement age be in a few years? 90
@@POOMPLEX2 There's an author named Christopher Buckley who writes political satire who wrote a book called Boomsday, in which the government was floating an idea of subsidizing "Boomers" retirement...if they committed assisted suicide by the age of 75 or something. This way, they were not alive and draining resources now that they have longer lifespans. The bill was never passed and the person who suggested it wasn't 100% serious about it either, it was just meant to be a conversation starter...but your comment reminds me of that book. 😂
@@POOMPLEX2 If cyborgs become a thing, then maybe a few hundred years, which will allow them access to better parts and possibly add thousands of years after a certain point.
@@MrOiram46 one step further is uploads and essentially immortality as you could extend and protract the speed you experience time. A single solar powered computer could orbit the sun and support millions of consciousness until the sun burns out in 4 billion years.
Outsource retirement like they've been outsourcing jobs, refuse to get hosed living in a country like this.
This is the type of video that helps others become more comfortable with quitting and settling for less. Stop, pause and reflect, plan, and keep moving.
In my 40s barely started putting anything into my 401k. Growing up no one talked about retirement nor anyone educating anyone about how to manage your money. I only know a few that made the right choices and are set to retire with money. As for me poor choices bad habits and trying to play catch up. Will mostly work until my last breath I make good money but unable to even afford to live here. I just get by for now. The only way out is to win the lottery or get a better paying job but requires more education and experience meaning more money to spend just to be able to compete at my age. Just thank God for my health and great full for what I have. 🙏
I’m 28 and saving like crazy. I want to be 60 and see work as a choice, not a necessity. Nothing would be better than having a low stress part time job to help pay the basic bills and kill time. And actual savings pay for lifestyle.
Nothing would be better than doing what you want to do in your young years
Buy multi family homes and rent them out. Have your assets provide returns , dividends or interest being invested into something. Than use a portion of those profits to pay for your living and save the rest of the profits for reinvestment. Merely saving up money and spending it in retirement is not sustainable. You need your money to work for you in investment and use the profits from dividends or interest to pay for your living and save some of dividends or Interest for reinvestment. That’s how you become wealthy and stay wealthy and financially free.
I mean we already don't have the house, partner, and kids we were promised for going to college and getting a job so why would we be able to retire. 😢
Nothing is promised. You need to work for it.
@elizabethg1901 studying hard for 4 years while incurring debt isnt working for it? thats more than what most people did for their jobs in the past
@@elizabethg1901 He did work for it by doing what is socially acceptable and told to do by his elders and it was all lies
@@Wilhelm4131 Not quite. Remember, the problem with generation gap, at it's core is that old people don't often see hwo the world changes around them. Especially in our times, where merely 10 years is a massive difference in thinking style and life observations. So they didn't lie, per se. they taught you what worked for them. Whether it was efficient it's another matter, but the point is, point of view depends on where you sit.
@Elizabeth G that sounds like victim blaming, buddy
Very nice video! I hear stories all the time and even know a few people that had to go back to work on a part-time basis after retirement. Cash is liquid and evaporates fast. When you retire, your spending so be reduced to a crawl, no matter how much money you have - it's never enough. I am lucky because my wife for over 30 years is a banker, and she has been bringing this up since our early thirties. LOL. I will semi-retire in September at 62,and we are fully retiring at 65. However, we have zero debt, own our properties, cars, etc. We are selling everything, buying an RV, renting a home in San Miguel de Allende, and travel the world - on a budget. 🙂 Thanks for this video. It was well presented, informative and entertaining.
I am on track, but also fortunate. I was able to go to a state school before the prices became crazy (so was able to graduate without debt), and lucky enough to be able to purchase a home during the Great Recession. I've also worked for a LOT of companies with a 401k match, which helps to "justify" savings. (It's a lot harder to down a $ per $ match than it is a, "well, this will probably be taxed at a lower rate now than in the future" kind of deal.)
A typical US problem. If you are employed in Europe, you have to have a pension plan, that is not an option. And although I have a public pension plan that provides me with about 60% of my current salary when I retire, I also have another plan through my employer, an optional government pension subsidy plan where you get government subsidies and a completely private one. Yes, I have 4 pension plans that together should come close to 90% of my current salary when I retire in my late 60s. Oh yes, school is largely free in Europe, even higher education like universities. But that's what you get when you celebrate capitalism and condemn socialism, because everything is so much better when everyone has to fight for themselves in this world and you slave away all your life so that a tiny elite can live in super wealth, which is the true American dream.
Too right, and I say this as an American. The US is an ouroboros.
Pas spécialement VRAI, L université doit coûter 15000€ en Europe. BCP empreint cette somme
I find this video oddly comforting. I suffered from an illness that kept me from starting a career until 28 so now I'm almost 30 with 1 year experience in a blue collar career. I live with my mom and cant event afford to live in a 2 bed bedroom with one roommate, with more than change left over, in my working class town. I don't even fantasize about owning anything, least of all a home and have no retirement savings at all. I say all the time I'll just have to work until I die anyways, so it really doesn't even matter and isn't worth wasting time stressing over. I feel justified and not so alone in this feeling. I got fucked, I wasn't able to attend college or start a trade in my early 20s and it is what it is.
Same. Sick right out of high school. On Disability since age 22. Still can’t get the help I need. All decent medical help is out of pocket and drains me of every dollar I have. Nobody expects that to happen to them. My illness has been narrowed down to either mold illness or Lyme disease, with endometriosis and other immune diseases as a result. There’s not a single part of my body that is functional. I see specialists every week. Cardiologists, gastroenterologists, urologists, allergists, neurologists, chiropractors, naturopaths, ophthalmologists, dermatologists, ENTs, PTs, pelvic floor specialists, OBGYNs, and on and on. I’m 28 years old. What can you do?
@@ibanezgirl4623 you definitely got overwhelming, extremely fucked. I'm really sorry to hear you have to live like that. I can't imagine suffering on that scale. Saw this pop up I'm my notifications and wanted to leave a little word of acknowledge. I hope things turn around somehow
You know it's a fucked up system when you have to rely on Mr. Beast making a content just to get access to the most basic type of healthcare
My health started to decline as I was finishing up my last year of college. So I did finish but I've never have been able to work full time for very long. I finished in my late 20s too because I tried to work my way thru & minimize the amount of loans I took out. (Which didn't exactly work out...)
I'm kind of getting by for now but unless there's a miracle, it's going to get worse, not better.
I'm never going to have a home of my own. There's a very real chance I'm going to end up homeless as my "retirement". It is what it is.
@@Jenny-bi1ey Thank you. Unfortunately no end in sight. Need my colon resectioned now due to the endometriosis, I have lesions on my brain, and I have developed anaphylaxis to so many things including pain killers and even air. Found out it is in fact due to mold exposure. Unfortunately, my genetics make me susceptible to CIRS. And almost all buildings contain mold. So I may have to live in a tent the rest of my life and stay on detoxing agents if I desire a functioning body. I envy normal people. Never thought in a million years this 💩 existed. I had so many ambitions, all down the drain now. And there’s no real help or acknowledgment for these problems. Just wanna say to anyone reading, if you can work and make money, eat the food you want, plan things, do spontaneous activities and not be in pain 24/7, count that as a MAJOR blessing.
Good job creating this video, hopefully it helps with your retirement goals. I hope thing are not at bleak for people as you made it sound. It makes me feel good about my situation, but makes me wonder why people don’t save a bit more.
Simple, because I do believe that in the near future AI and automation made the vast majority of jobs obsolete, if not work as a whole, meaning the current economic system has to change radically anyway. Besides, I rather enjoy my younger years than my older years, and refuse to slave away even more in those years.
And since I'm European, we do have a guaranteed stipulation already, even if a meager one.
I'm like 1/3 of the way to where I apparently "should" be for saving/investing for my age. And most of it is in bank accounts, not earning lots of interest (though much better than 2 years ago and earlier). I'm kinda stuck in a loop of not wanting to buy into the stock market when it's near all time highs. Then it falls like 10% and I think, "that's not enough, we're due for a crash by now, I'd still be a sucker". And then it just climbs higher than the previous high... Over and over...
I bought a cheap house in a "bad neighborhood with potential" when I was 24. Had a friend rent a room for the first 2 years to help with expenses. I lived there for more than 10 years before I married. Sold the house and had nice equity due to the improvements I made. Best financial decision I made. Helped set me up for success.
As a millenial i had plenty of examples as to why retirement is a bs corporate carrot on a stick. Some of those reasons were covered here like the fact that life isn't guaranteed. Another one is what retirement really is: a dream to stop working to do what you want. This to me is also like the Christian or religipus value of waiting for the afterlife.
My grandmother, who raised me, was an example of both. She had finally got the career she always wanted in medicine at the age of 50. She loved her job. She was an incredibly strong and resilient women, but the draw back of being that old is the retirement is around the corner. I could tell she didn't really want to but she was a women that believed in the institution and the authority. Everyone around her told this is what you do and that you'll be super happy. She did it and she was only happy for maybe the first year. Then she got depressed and within 5-6 years her health had deteriorated to great levels and she was just waiting to die. All that money she saved and those opportunities she passed on for the "afterlife" of retirement went to nothing.
She isn't the exception either. She backs up the stats of folks that retire. "Retirement" appeals to people that hate their job or career and just need that one bit of enticement to stay another day, but they may never ever get to the promised land.
You make a good point. I do know people that love their job and it fulfills them. They probably should just keep on working because true happiness is rare and probably only attainable with the right mindset and type of person. I personally have hated every job I've had after about 18 months. It makes me feel broken and I am so jealous of people who can normalize trading 40+ hours of freedom per week for money. I just want to take pictures, make art, and walk the dogs at the animal shelter. I can't stand the capitalism game. I'm running out of time to save though so I'm back in school one last time and hopefully will get some meaningful work after graduation. Fingers crossed.
Better dying with a big bank account than struggling to live at 60. None of us know when we are gonna go. Trust me, life as a working 60 year old sucks WAYYYYY more than doing the same job as a 30 year old. Most young people don't realize how fast the body breaks down and even basic things become difficult. You know this from seeing your grandma firsthand.
Facts
I agree, in my family the notion of retirement is weird, we believe work is integral to a longer healthspan . Working is seen as a means to keep your mind and body sharp, I have often seen retirees degrade like milk on a hot day because they are literally doing nothing, the only thing I want to do is not HAVE to work, meaning the money is there if I want to take a break but just to sit around getting fat and doing nothing is a strange a vacuous way to live but I guess that's because I enjoy the work I will be doing so I cant fault others for feeling different.
@@jroseme It's important to recognize that, no matter activity you choose to make money, it will always WITHOUT FAIL become just another job. Funny thing about people: we talk about "passions", as if our passions don't change throughout stages of our life and that our calling is what we will do forever, in a 30+ year career.
Like you, I love to draw. I used to work at caricature stands at some pretty well-known theme parks. Do I currently work in any creative fields as an artist? No. Why? Because I work in IT, I like it (read: am "passionate" about it), and I make more money than friends who went into the creative fields. Do I enjoy IT enough to do it all-day, everyday, for the next 30+ years? Noooooo.... I've entertained the thought of leaving the IT industry entirely because of the sheer amount of knowledge you're expected to know to get to my salary.
You have to remember, though: like it or not, at some level you have to play the capitalism game, in our capitalist society. You don't have to be good at it, but you at least have to engage with it, else your more practical concerns start rearing their ugly heads. So my advice for anyone listening is as follows: Your job is not your life. Your job is not your life. Your job is not your life.
Make your job as comfy and as tolerable as possible, and use your free time to pursue your interests. Your interests will always be there for you to return to until your dying breath. Your job may not be.
3:43, whats the background music playing on the skillshare advertisement?
I would need to earn 200k a year currently to live the avg life my parents had.
I saw what was happening as a teen in the 70's. I did twenty years in the Navy and twenty as a mailman. I retired on my 60th birthday, staying married to your original spouse is important too.
Yep - multiple divorces can ruin your retirement planning. People don't seem to think about that part.
That's crazy. No one in the younger generations would be able to do that. 20 years in the military, and 20 as a mailman and retire at 60? Young people would be lucky if they can own a home by 60 with those kind of jobs
@mikea5745 that's total bullshit I'm a veteran myself and know plenty that retired off of just that
Yes, women can take half your worth in an instant. Nowadays they are so fickle
@@mikea5745 I mean 20 years of Military AND Mailman ( 40 YEARS total of working ) would be twice the gov pension so you should def get something because if not then yea this system is super rig and a scam .
It should be noted that all of this assumes we don't have a global environmental crisis, major war, major economic restructuring, or a societal collapse...so even if you're 'on track' with your savings for retirement, you get zero guarantees and zero actual stability or safety.
ive been doing a lot of research on climate - this summer will be very interesting. If the El Nino sets up, we will see wet bulb temperature / humidity combination over large areas for the first time. It might kill millions of people in India and Asia, and cause food prices to skyrocket.
@@Vid_MasterLet's hope that doesn't happen then.
6:17 - 5 Million dollars into real estate would give you on average around $30,000 a month in rental income. 5 Million is more than enough money to retire early.
I just quit my union. I have 9 months to wait until I can empty my annuity. I rebuilding my van, heading out and living however I can till it runs out. If I can make it 6 more years, I can start drawing my pension at a big penalty. But I’m done. Working doesn’t get you anywhere.
Good luck, man - stay safe out there.
This is the first time I feel like someone has said clearly what ballpark I should be in and I genuinely appreciate it. I finally make around $100k after a raise this year and have $120k for retirement at 30. I guess I'm doing ok even though it feels like I'm way behind. I think I've been lucky the last few years.
Sounds like you’re doing great.
@@just_another_bot0110this isnt an option for most jobs. Additionally, remote jobs scale their salary down depending on the cost of living of your residence.
That's great for you! But it's not relevant for statistically most people. 100K is a pipe dream, not everyone can be a doctor
I agree. I had never heard those retirement numbers before, but it makes me happy that I am on track. I think you just need to decide if you are willing to make sacrifices or not. If not, that’s perfectly fine
@@LancesArmorStriking doctors make around $200000 to $600000
As a solidly middle age Gen X'r I'm probably 15 years ahead of where I'm supposed to be on retirement savings, but only because I started working 2 jobs at 20 years old and started saving at the same time. I drive the cheapest car, never eat out, and my fun consists of camping and my gym membership. Most people would not have enjoyed being as very cheap as I have been. I still intent to work as long as I can though, just switching to an easy job, because frankly I don't imagine enjoying not working.
This is the optimistic video I needed to start my morning off right!
I’m 48 and have zero for retirement but I’ve already lived a full life while I was young and able to because tomorrow is not promised and you can’t take anything with you when you die. My priority was in living while I was young and not the ability to do nothing when I get old.
If I left this world today, I’d be leaving feeling good about my life with no regrets. I don’t know a single person with a big retirement account that is able to say this.
No regrets.
50,000 a year in retirement? I'd love to see 30,000 while working
As someone who is just under a year out from college, I’m incredibly grateful that I’ve had people in my life that helped me realize the importance of starting on a retirement fund early. After factoring in my employer contribution I’m around 14%, but I’m hoping to up that once I’m off the entry level pay grade.
401k is a literal scam
I hear boomers talking about "my 401k lost 400k"
Or gen x'ers talking about "My 401k lost 50k"
I'm over here.... damn my 401k lost 12k this year alone.
I would have made better using leveraged accounts but the government will always cut a big piece for themselves so I'm playing against am uphill battle
Good luck. Let's hope you won't regret it.
Nice matching by employer. Congrats.
dont invest in money, it will be eaten by real inflation
Wait, you actually got a job? Like a real job, not one that involves pinning on a name tag? How??
I’m no where near in my 401K where I need to be at 45. The only saving grace is that I own my car, house and don’t have student loans, plus all of the RSU’s my employer has given me I’ve not sold…I’m guessing that will be my retirement fund. People in their 20’s will have it way tougher than me, as I found it to be tougher from what my grandparents and father had it.
Comfortable retirement is a pipe-dream. My dream is Millenial Retirement: having a roof over my head and not starving, and maybe die with some of my dignity left.
I don't plan to retire. I'll likely die within the next few years, so I'm living life to the max.
I started having s3x with men (they are always bottom). I really don't care anymore lol
Rule 1: Never let your older family (parents, aunts, uncles, etc.) borrow your money.
Never.
If they could not learn to handle money well at their age, they will not learn it now.
They will just burn through your cash which is actually none of their business.
I wish I knew this a long time ago.
My aunt try to borrow currency from me and she owes my uncle 30k and my other aunt currency as well. I learned this from my own family haha
I even thought about it and I was like if anything you should be giving me currency. 1971 my currency became fiat currency "worthless" and I pay for your medical bills with Obama care.
Lending money is a recipe for disaster, that why when I lend money I count on never seeing that money ever again.
@@weird-guy Agreed. I don't do loans. Throw my hands up at the words "loan", "pay you back", or "owe you". If I can't afford to gift the money to somebody, it isn't happening.
Interesting rule, I guess it depends on the type of family you have. My family is great, so I have no qualms lending or even giving them money, except they never ask for it. My mom borrowed from me several times throughout my life, but always paid back, even though I always said she didn't have to.
Most asians wont be able to do this- and as an asian myself wont be able to out of my own will. My parents gave everything they had to me and my brothers to get any opportunity at life to a point that any chance to save a lot for their retirement and home was near impossible -it may not be the perfect life, but their love was ever present. I’d rather splurge my money on them over having plans to have children, save up for a house, or any vacation.
We can allso look at the abysmal public education system here in the United States. They're not teaching skills or knowledge about basic economics.
As someone who retired at 53 (as a lowly schoolteacher) and am living very comfortably, my main investment advice is... resist the "fear of missing out." As the saying goes, the big players leave the market when the small players move in.
I will be homeless and work 40 hours a week from 20 to 63 if I am lucky.
My savings account is at $12, and I have been saving since I was 16. I am almost 36. At first, my savings was going good, but in the past 3 and a half years, I have had so many hardships that my savings plummeted. FYI, I worked through the pandemic, though, at a reduced hours rate for the first year of that.
YOUR FAULT.
@@eane7238 sure. 🤡
@@cebapplejak5997 may not be fully your fault, however only you can get yourself to a better position. Don’t hold your breath waiting on friends and family, the government, or society to bail you out. Social security is getting cut by 20% in ten years, so start figuring it out.
Join the military and get a disability. Those guys get away with insurance fraud murder!!! No just kidding. But do dust yourself off and try again and harder. Only thing that is going to work.
@@14534 agreed. I work to build it myself as I did before. I just have to rebuild it. I am not looking for the government to help me, I just want them to stop screwing me.
I would like to point out that retirement is something that is very new for the average person.
Most of human history you worked until you died.
Even the elders who needed help living with their children would still knit or make the food. Which before modern niceties were really productive and essential jobs.
So really the everyone retired was just a blip in history, a glitch. We are returning to historical normality now
One of the most rational comments here. Retirement is an entirely new concept
knitting and making food for your family is a lot more gratifying than working at a gas station or whatever old unskilled people do, you are comparing apples with oranges
The more I research, the more moving to another country like sweden, norway, australia or germany is sounding better
@@geddon436 as an Australian I can confirm the more social policies of those countries definitely helps get by and “retire” more comfortably
But the issues in this video are not exclusive to America, but look if ur country is making u miserable there is wisdom in moving
@@isaacschmid1730 Every country has its problems, no doubt about that. Unfortunately, my chances of moving to another country will be harder, because I"m dealing with chronic health problems.
I'm a frugal weirdo. I'm 53, have never earned anything close to 6 figures, and have lived in very expensive areas almost my whole adult life. I've always been a renter. My net worth is about 13X my peak income that I earned back in 2021 (and that figure doesn't include nonsense like my paid for car, furniture, jewelry and other possessions people use to inflate their net worth number). I earned less than 10k in 2022, as I took a year off. I'm working a low paying retail job right now. In my mid 20s, I pretty much had figured out all the info in the How Money Works video "Most People Think They are Middle Class (They are Not)" and acted accordingly. What's portrayed/considered a typical middle-class lifestyle is designed to keep you on a perpetual treadmill of overconsumption and stress. Being the oddball came at a cost, but I wouldn't have it any other way. The stress that comes with what people consider to be the standard middle-class lifestyle isn't worth it.
Not if we burn the current system down first.
Recession fears mount on Wall Street and inflation remains well above the Fed's 2% target, some of the top commentators in markets, business, and economics have been sounding off on just how bad they think the next downturn might be - and how far stocks may have to fall. I need ideas and advice on what investments to make to set myself up for retirement, my goal is to have a portfolio of at least $850k at the age of 60.
very true, I started investing before the pandemic and that same year I pulled a profit of about $600k with no prior investing experience, basically all I was doing was seeking guidance from a financial-advisorr, you can be passively involved with the aid of a professional.
@@crantorbuttons4378 wow ,that’s stirring! Do you mind connecting me to your advisor please. I desperately need one to diversified my portfolio.
*"SOFIA ERAILDA SEMA".*
That's my licensed Financial advisor you can easily look her up, Thank me later!
I just looked up the broker you suggested on Google and I'm incredibly impressed with her credentials,so thank you for sharing. I scheduled a phone call with her.
I've been more or less unemployed my whole life, so my income has been non existent. I'm 30 now so I would have technically saved a years worth of nothing.
You should be proud of yourself.
@@1contrarian Yes, he is proud of himself
Hey, you're doing better than me. I've worked for 22 years and have (checks piggy bank) negative $48k!
Another "taker" waiting in line for government handouts. The more you give, the more line up.
you can get a job
This is why humans need each other. Find a partner, work hard and save together.
This video is oddly refreshing, the pressure to have a well paying job, buy and house and save for retirement are off! All I need to do is concentrate on the living! 😃
I'm 35, and I've gotten ill twice since HS, once I was bed ridden for 8 months, the other for about 6. Both times I had built up a nest egg that I'm thankful for because it got me through it, but always ended up back near 0. I now definitely live for the immediate future, im okay with working until I die. Now I do own my own house and that should help me in the long term financially some, and I'll continue to build a nest egg, but after that it's making memories. Shit who knows I might get too forgetful to enjoy old age retirement anyways
That is ok if a wind storm does not total your house or a hillside fire does destroy it either. Take my humble and sincere advice do not put all your hopes in dreams in your house. Diversify if you can and enjoy a little life too. Life is very unpredictable especially now more than ever. Advice from an old lady that has been there.
@@sharonneth4231 hopes and dreams are in the house. But if it goes it goes
@@jingles013 I hear ya that is for sure! Believe you me, we ALL feel the same way times are super tough, The best thing and the thing you should be proud of yourself now is you bought a house 🏠 right now most people that are younger can't. Celebrate that success if you can. Take your wife out for an iced coffee or tea and smile at each other. Your journey has just begun! 👍
I can always count on How Money Works to cheer me up after a long day at work.
The only thing about having your salary saved by 30 is this is quite basic and doesn't include mortgage, bills etc.
You can have 10k in the bank but have a mortgage paid off, or have 40k in the bank and be paying 800 a month rent... I would have thought that the mortgage paid off gives a better chance of retirement?
To answer the retirement savings question, I only managed to start working at age 27. Long story short, I should be at a liquid net worth (savings minus student loan debt) of 26k when I hit 30. Not that much, but not that far from a full-time annual salary (currently 30k for me), since I'm *sigh* still in part time college and thus not getting paid a full junior salary.
With everything in mind, I don't think I'm doing too badly and if things don't go south, my savings should definitely speed up. Also, I don't live in the US, my home country is a lot more social.