More Than 1 in 3 Millennials Do Not Believe They Will Ever Comfortably Retire, It’s Worse for Everyone Else

by Happy_Escape861

23 comments

  1. If they invest 10-15% of their income they will retire with wealth.

  2. My closest friends (we are millennials) and I learned to work more, spend less. It’s okay to clean your own house, mow your own lawn, drive a cheap car. One of my richest millennial friends just bought himself a base model Corolla and his husband has a one level up from base Rav4. They don’t go on extravagant vacations, they do all their home chores themselves. The millennials I know that complain about money drive nicer cars, and one just returned from a vacation on a cruise ship in a luxury suite which cost well over 10% of their annual salary for only 1 week, and many others would never dream of owning a purse that was less than $200, some spend $1200 on a purse, yet complain about the amount of money inside that purse.

    I drive my 2006 toyota corolla to volunteer at the food pantry, where nearly every person getting food has a nicer car – a new F150, X6, Charger, RX, MKX, Q5, and a whole host of late model cars.

    We have a serious budgeting problem. People blame high prices. Prices are higher when people spend more; if people spent less of their income, there would be less dollars chasing those goods and prices wouldn’t increase. But, people want the fancy $3500/month apartments in the hip part of town; they go to the stylish bars; they’d rather flash the stuff they buy than their 401k. I was in a mall a couple weeks ago, and the lines at Bvlgari, Hugo Boss, Prada, Gucci, Tiffany, Dior, Louis Vuitton, Versace, Jimmy Choo, Christian Louboutin, and many others was insane. Those aren’t people who are ahead on retirement goals shopping there, those are the people electing $0 in their 401k contributions who shop there – I could tell by the way they sipped on the glass of champagne they serve; easily tricked into thinking that $3 bottle was any good, but eager to spend $800 on a pair of shoes made for $20. I get my shoes from the clearance rack at DSW, I won’t even pay sale price, clearance only for me.

  3. They are probably overstating their ability to comfortably retire if past and current trends hold up.

    When you are buying a home later in life, getting married later in life and starting a family later in life then doesn’t it make sense that retirement too will be later in life?

    This FED study shows that 32% of seniors between the ages of 65-69 are in the workforce.

    https://www.minneapolisfed.org/article/2023/whos-not-working-understanding-the-uss-aging-workforce

    Also a fair percentage won’t even make it to retirement age.

  4. Who are the 2/3 of millennials that believe they will retire comfortably?

  5. We are being taxed too much to pay for benefits which largely go to boomers who are also fleecing us through their housing bubble scheme that goes back to the Clinton administration turning housing into an investment vehicle and intentionally inflating housing prices with low downpayment requirements and loan availability.

    We should cut income taxes and start taxing boomer real estate investments. Get some inventory back on the market. We also shouldn’t be subsidizing boomers living in huge empty homes but that’s another matter. If we just go after their income properties that should help a ton.

  6. Vote. Vote in the Democrat party’s primary election.

    This isn’t something the free market can fix. The Jackals we put in charge don’t think of any of us as human. We’re numbers in a spreadsheet.

  7. Only 1 in 3? I’m an Xer who makes a good salary, and my retirement plan is to work until I die.

  8. Retirement is a financial situation, not an age.

    If people aren’t being disciplined in their spending and setting aside money each and every paycheck towards retirement…especially with the tenuous state of social security…they may never be able to retire let alone comfortably.

  9. Bbbbut headlines say economy gud. Bidenomics. Give him credit!!!

  10. Ill have enough to retire in 20 years with 5 k enough but it will be worth 2 k by then 🙁 with inflation

  12. Add one Gen X to that pile. Unless we retire somewhere like the Philippines, it’s not happening.

  13. Aren’t we all going to be dead from climate change in like five years anyway?

  14. Yeah, I don’t know why people want to retire. Might as well earn some money. Gotta wake up everyday and do something. My plan is to just work less days a week as I age. Eventually I’ll work 2 days and take 5 days off. Just invert my life on the work/weekend ratio. I can work 2 days a week until I die.

  15. I have only met one person who has actually retired from development in 30+ years, most of us just die at our desks

  20. The Republicans are going to raise the retirement age to 99 anyway.

  22. Depends how elections go. If we can get a Democrat president and Democrat Congress, then good things could happen.

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