Most People Alive Today Will Work Until They Die

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Edited By: Andrew Gonzales
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Select Footage Courtesy of: Getty Images
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All materials in these videos are for educational purposes only and fall within the guidelines of fair use. No copyright infringement intended. This video does not provide investment or financial advice of any kind.
#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.

[@michaelwiebeck3]

People who are able to retire early are lucky . I have 15 months till 65 and need to look at calling it quits, my only fear is running out of funds much later, thus keen on investing. What could be the safest possible ways to invest for cashflow, in order to afford lifestyle after retirement?

[@Dantursi1]

consider investment planning, learning from a well experienced advisor is invaluable

[@Amberabove]

That's right. I am a wife, mother of four and new grandmother, 28 years in Corporate America, retired recently at 57 after discovering the freedom investing could provide, been contributing to my portfolio since the pandemic in early 2020, and have grown a $250,000 savings account to almost 1 million, credits to my investment advisor.

[@Olsontim21]

Could you possibly recommend a CFA you've consulted with?

[@Amberabove]

My CFA ’Annette Christine Conte’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.

[@Olsontim21]

She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.

[@kortyEdna825]

I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.

[@NicholasHarmon-ow3jl]

Things are a bit strange right now. Inflation is making the dollar weaker for buying things like basic needs, but it's getting stronger against other stuff. So, stuff like stocks, houses and precious metals aren't doing so great because folks are putting their money into banks for safety but I'm worried about my retirement savings losing value fast.

[@foden700]

Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $400k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $250k since then.

[@KaurKhangura]

Thanks for replying, You seem to know much, How did you go about it and can you recommend an advisor like yours?

[@foden700]

‘’Marisa Michelle Litwinsky” just check her out. It's possible to hire a skilled financial planner especially if you're not one yourself. I hired one after my retirement pension took a hit in April due to the crash.

[@KaurKhangura]

I appreciate this tip. It was easy to find your coach's webpage by looking up her name online, She seems proficient considering her resume.

[@t.n.patronis4098]

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.

[@b4rs629]

I think that's why people have gave up.

[@vanvekeron]

No, it's those damn phones😅

[@b4rs629]

@@vanvekeron definitely not the phones. I use mine for at least 4 years

[@littlesongbird1]

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.

[@cutehumor]

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

[@xandertreelimb]

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!

[@Tinandel]

That's life, whether we like it or not.

[@delinquense]

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.

[@stormblade1199]

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

[@maythesciencebewithyou]

Let's destroy our bodies, so that we can use the money we made breaking our bodies to pay for doctors.

[@maythesciencebewithyou]

@@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.

[@andrew.]

I don't mean to brag but I literally have hundreds of dollars in the bank

[@woodside4life]

No need to rub it in, Rockefeller.

[@hydoffdhagaweyne1037]

How dare does this male have so much money, Gender equality now

[@buatlastshelter5319]

U lucky son of a bunch

[@duancoviero9759]

You're really going places 🙋🏾‍♂️

[@BuyHighSellLo]

only?

[@Saltience]

As someone with an income of 0, I am both infinitely ahead and infinitely behind on my retirement savings.

[@diegopescia9602]

very cleverly said

[@fuzzypanda1684]

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.

[@aw2584]

​@@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

[@fuzzypanda1684]

@@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.

[@Methaferus]

​@@aw2584you're pathetic🤭

[@mechmodguy]

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.

[@mackeejack6731]

Damn daddy

[@wuy4]

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.

[@POOMPLEX2]

go see your family , life is not promised, scary times are coming

[@haha314]

​@@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.

[@elizabethg1901]

Good for you. Keep it up! Make sure you are learning new skills so you can continue to advance in your career.

[@neolives]

I remember one day asking my boss, hey Gary you have good money why don’t retire and enjoy life. He said I had a lot of friends that retired played golf, travel and did a lot of things, but after a few years they got tired and stopped. Shortly later most of them died. He said I like the hassle of work, it gives me a reason to wake up every morning. Last time I spoke to him was back in 2008 and I know he’s still working hard. He must be like around 85 years old.

[@staat834]

This makes perfect sense to me. Most of my grandfather's friends who didn't die almost immediately after they retired just wound up going back to work! Find work you can do when you are 100!

[@didi7074]

That's because they have no hobbies. You can travel, read books, write, draw, paint, play games (whether it's videogames, card games, board games), learn new recipes, build things in general like become a Carpenter, fix things, learn a new language... Most people make their jobs their whole personality so when they don't it they feel empty. This comes from someone with an workaholic dad who's already almost 60 years old. He never did any if those things, just work work work. What a sad life.

[@Cerstani]

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.

[@alauen]

Nice of you to admit your good fortune, a lot of people would take that for granted.

[@savagefrito]

How to tell someone is white

[@Vizr]

@@savagefrito LMAO Most rich people I know in the US are people of color 😂

[@SebastianLopez-nh1rr]

Lol

[@tek1645]

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... 😢

[@MephiticMiasma]

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."

[@ElationProductions]

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.

[@kevykevTPA]

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.

[@MrDoboz]

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

[@TheNotimprezed]

​@@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.

[@LeviForWaifu]

​@@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.

[@katarh]

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.*

[@devotee8701]

So you don't get to really enjoy your life but hey, at least you might once you hit 65+

[@katarh]

@@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.

[@stephaniepersin4222]

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.

[@potatogirlcultist19]

@@katarh Plot twist: The 13 year old car is a Bugatti Veyron and you wear Hugo Boss.

[@1792dt]

Dave Ramsay would be proud

[@speeddemon5339]

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.

[@Syno_Phobia]

Nice

[@kittenmittens4387]

😂😂😂😂 Thanks, I needed that laugh after this depressing reminder for millennials

[@vdcg2010]

That’s my plan B

[@Turd_Eating_Dog]

I'm hoping the USA starts doing MAID like Canada.

[@aldrogo7510]

based

[@kellybanks3717]

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.

[@SimRacingVeteran]

Yessssss. Go karts! In Paraguay. Or Argentina. Or Chile.

[@orion8981]

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.

[@mocheen4837]

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.

[@PremiumFuelOnly]

Saving up a bunch of money and retiring is an outdated concept. You need assets such as rental properties to weather future inflation.

[@Joce123]

You often cannot buy property in other countries

[@cbyrne08]

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.

[@brianadlich4406]

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.

[@cbyrne08]

@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.

[@philmarsh7723]

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.

[@WellBattle6]

@@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.

[@connorhalleck2895]

work, pay off debt, save, lose work, spend savings on necessities, go into debt for necessities, get new work, pay off dept. rinse, repeat.

[@David.Marquez]

It's crazy how often times the best financial decisions are the most seemingly boring ones, but that's honestly okay.

[@bufkinsmith7650]

It’s not just financial decisions that this is true for

[@thefirsttrillionaire2925]

@@bufkinsmith7650facts this is damn near everything 😂

[@danhunt3327]

saving for retirement isnt supposed to be exciting, its supposed to be sensible

[@GameFuMaster]

@@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?

[@weird-guy]

For most people is the true and tested method is the way that people should follow, with everything there’s outliers.

[@ender7278]

The way he says "So it's time to learn how money works to find out why you will be working until you die." with a standard cheery narrator voice is quite something.

[@railrodemike]

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.

[@scottgebow6539]

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.

[@nicholasd3990]

What do you do for work?

[@Loromir17]

@@nicholasd3990 walk 3 to 5 miles a day, working out lifting boxes that range from 20 to 40 lbs.

[@jamesrecknor6752]

Still wrestling 160 pound water heaters past 60, water heater installer. Hope to live and wrestle past 70.

[@dinosoup]

I agree that working generally does keep people loving longer but it would be nice for it to not be so mandatory.

[@SecondTake123]

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!

[@smokinhalf]

I know lots of people who still stay active (work) even though they are fairly well off

[@BuzzKirill3D]

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.

[@SecondTake123]

@@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.

[@SecondTake123]

@@smokinhalf you might think they're well off but they might not be.

[@minimaxmiaandme.4971]

@@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.

[@HoangDuyLe-n9f]

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

[@anniesshenanigans3815]

get into healthcare. and not into management. The workers do not get laid off.. we are in a shortage crisis.

[@BuzzinVideography]

I've been laid off and removed my position as a manager, twice

[@Corn_Pops_Rusty_Razor]

@anniesshenanigans3815 wait till after the boomers die off. They are the largest generation and every generation after them is much smaller.

[@MeargleSchmeargle]

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.

[@SrRAFAGAS]

Imagine if you would if put this much of an effort into learning a skill. You would be making alot more money.

[@ShutterSpeedGaming]

@@SrRAFAGASplaying video games good is a skill!! lol!

[@filipecordeiro2867]

​@@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

[@folgerkelley2715]

@@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

[@stormblade1199]

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

[@AdamQueen]

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.

[@MyVanir]

If only I could have a job I enjoy, I'd be able to say "same".

[@tomj528]

As long as you're enjoying your life, that's all that matters.

[@tomw2944]

because it is

[@mpoulin]

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.

[@thomasa.anderson9055]

@@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.

[@AB-yr2eo]

This is one of my biggest fears. I’m doing everything in my power to retire well before 65.

[@carolperdue7534]

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.

[@RedWolfenstein]

HEy, fellow Tennessean

[@MrOiram46]

@@carolperdue7534 If he decides to have kids or already has them, they’ll likely be already building their careers by the time he retires

[@potato1084]

@@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.

[@handleyobusiness]

@@RedWolfenstein Greetings from 901 city, out west. 😊

[@patrickrandolph132]

As a very wise man once said: The secret ingredient is crime.

[@incurableromantic4006]

Get into congress - then you can do insider trading, and it's legal.

[@Ryan.Matlock]

In this economy, how else could he afford to support the twins?

[@POOMPLEX2]

finesse the world, don't let the world finesse you

[@adamd9166]

@@incurableromantic4006 The biggest criminals of all.

[@tonywalters7298]

@@adamd9166 The law binds but does not protect the masses; while the law protects but does not bind the wealthy and powerful

[@matthewdancz9152]

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.

[@zoinks2607]

This.

[@Mio248]

How would you unionize? I don’t know anything about that.

[@donchoq]

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!

[@spammer5530]

You can blame mr trickle down union buster for that

[@coultersheppard2052]

The solution is to deregulate such that smaller businesses can compete with large ones, and provide competition in the employment market. If labor is relatively scarce, employers will be forced to treat their employees better under threat of losing them.

[@ariccrowell]

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.

[@mjohnson1741]

That's really a tragic story.

[@didforlove]

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

[@Wft-bu5zc]

@@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.

[@method341]

He made a bit of money but at what cost? It doesn't sound like a good trade to me

[@foilto3971]

At least he died doing what exactly what capitalism wants, make profit for the ultra-wealthy and die before retirement... RIP

[@OBMATT]

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

[@POSTMASTER_Rion-Donald_Harmon.]

[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😅]

[@donaldlyons17]

Yeah rent payments don't always happen and working low wage jobs often leads to poverty unless conditions are right.

[@michaelgormley2294]

Many boomers are in our situation, and more will be in the next few years when they outlive their meager savings.

[@Snoop_Dugg]

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.

[@donaldlyons17]

@@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.

[@fieryelf]

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.

[@RozayMalikOG]

Empathy for your siblings, i can relate!

[@Profitglutton90]

Is your sister married? Maybe that’s why she’s not worried about saving if husband is doing the retirement planning for her.

[@greyfox78569]

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.

[@brettmcclain9289]

With inflation, you won’t get hardly any money you put into retirement. There will be more money printing in the future too.

[@JENNerationX]

Give your sister money then😂

[@KhanhTheLearner]

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.

[@kevykevTPA]

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.

[@FreelancerFreak]

I'm a millennial my retirement plan is societal collapse 😂

[@rambo64bit82]

Same as my housing plan

[@horseandyogsim3348]

För real

[@karnez05]

Beautiful

[@Napalm_Candy]

Exactly. There's no hope otherwise.

[@LLM62]

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

[@williamwilson6499]

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.

[@jameshardin4895]

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...

[@carknower]

Better live life now than to die an old sad life

[@nychris2258]

​@Jaeger19Ultima live until you die? Lol

[@ATXAdventure]

This is great advice!

[@smzee27]

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.

[@mrcornbread454]

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.

[@weird-guy]

Cancer sucks, it is a existent problem in my family.

[@bene3403]

This sucks financially but I am happy that you found something that works!

[@Matthew-np9fk]

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.

[@4doorsmoorhoors542]

Good job helping your family. Family is what matters the most! Glad to see your early sacrifices paid off.

[@user-oy9zy4ds9m]

A true emergency fund should be in the mid to high 5 figures. This covers medical , legal and jobless issues.

[@karenstauffer1524]

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.

[@brunoqnzbk7891]

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? 🥱

[@JoelReid]

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.

[@Barrobroadcastmaster]

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.

[@janekschleicher9661]

@@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).

[@Ultimeymate]

@@Barrobroadcastmasteroh yea id rather struggle all of my life in the United States working until I die because muh financial freedom

[@Barrobroadcastmaster]

@@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.

[@mysticaltyger2009]

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.

[@lesg5270]

Living WITH others respectfully is the only way to weather the storm. The extended family is back in style

[@jon6309]

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.

[@user-gz4ve8mw9l]

Only if you have a family to begin with. Some of us have nobody or toxic abusive families.

[@agoogleuser9218]

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.

[@PeachDragon_]

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.

[@clickbaitab5741]

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

[@caydenthompson126]

Which local?

[@HighCountryRambler]

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....

[@scotishdude]

that sucks dude.. get your money now rather than in 25 years...

[@mitchberning1595]

@@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

[@DashAU]

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.

[@hauntedvoyager7806]

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.

[@lizandro7728]

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

[@randomuser5443]

Im going into the military for aviation. Either im working till i die or i am dying when i work

[@TheForever206]

The Military isnt really all that bad(Assuming you are American).

[@jaimemoreno8866]

Bro💀

[@randomuser5443]

@@TheForever206 Listen the wild weasels are cool. Imma smack my face into a sam so someone else doesnt have to

[@lam7499]

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

[@SgtPotShot]

I'm a helicopter mechanic. It's not a bad gig.

[@SulfuricDonut]

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.

[@codacreator6162]

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?

[@jroseme]

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 😅

[@beyond1994]

​@@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.

[@MrDdwornik]

​@@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.

[@dip9995]

@@Zero-fx5qn Not a child's responsibility/obligation to fund a parents retirement imo.

[@candybracelets]

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.

[@Bigmicwithmayo]

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.

[@wuy4]

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.

[@14534]

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.

[@swaggery]

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.

[@ad2094]

​@@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.

[@6lu5ky86]

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.

[@alouachachraf]

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.

[@Timberland-Farms]

Amen brother 😂🤷‍♂️

[@sng345]

🤝

[@Elimbi1]

You spoke to my sooouuuuullll

[@2ndGenBen]

Boomers: work harder and you won’t be broke! Millennials: been there done that

[@savagefrito]

Speak for yourself, I'm doing just fine 🎉

[@GnomeEU]

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.

[@Hobohunter23]

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.

[@sergiozamorano6413]

That is correct my friend 😊​@Hobohunter23

[@turtleanton6539]

Yeh😮

[@Because-rt8qs]

​@@Hobohunter23 You save to retire at 70 just so you can survive after you can't physically work anymore. Also it is hard to find a job if you happen to get laid off, even after 40. So you never know when you will need the money to survive. Not necessarily only the last 10 years of your life. It's not about enjoyment or relaxation, it's just about survival.

[@ohiasdxfcghbljokasdjhnfvaw4ehr]

that's the american dream, get incredibly lucky.

[@bxross2519]

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

[@ronkirk5099]

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.

[@Skrill99]

Man that sounds like a wonderful life. Maybe one day I could do that.

[@idontknowman420]

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 :)

[@davidrubenstein3489]

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.

[@IsureamFalling]

Nothing would be better than doing what you want to do in your young years

[@ansubchaudry2348]

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.

[@mikkicruz6099]

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.

[@POOMPLEX2]

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

[@BewareTheLilyOfTheValley]

​​@@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. 😂

[@MrOiram46]

@@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.

[@MrEscape314]

@@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.

[@idrathernot_2]

Outsource retirement like they've been outsourcing jobs, refuse to get hosed living in a country like this.

[@TheModernInvestor]

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.

[@Kenstar365]

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

[@kyleaca5122]

Retirement plans was my first job out of college in 2021 when the markets were going down. That was definitely an eye opening experience

[@rekrapadept]

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.

[@mirabella2154]

Bullshit.

[@weird-guy]

I think we will still live longer but for some with worst quality of life than previous generations

[@Sw87sw87]

@@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.

[@theintrovertedaspie9095]

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.

[@dyaonna]

This is true

[@someguy-vk5pl]

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.

[@pensacola321]

Stay for the pension

[@bodhixxx1]

you are a real buzz kill it cost money to have good stories to tell.

[@someguy-vk5pl]

@@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.

[@lukemorgan6166]

Yes. Work all your life and MAYBE enjoy it when you're you're old and frail

[@bryantsherman7263]

Don't get married as it will be blown quickly.

[@BeatrizToro-t4v]

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.

[@NedAndre]

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.

[@parkb5320]

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.

[@tmusa2002]

Why don’t you have retirement savings?

[@stormblade1199]

​@@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

[@tmusa2002]

@@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). 🙂

[@DreamChaser415]

@@stormblade1199You are a terrible person.

[@stormblade1199]

@@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

[@Sc00terNut]

I don't plan to retire. I'll likely die within the next few years, so I'm living life to the max.

[@b-41subject57]

I started having s3x with men (they are always bottom). I really don't care anymore lol

[@pamelatorres156]

The biggest problem is none of us were thoroughly educated on financial literacy or entrepreneurship. This is why we end up victimized by the economy, MLMs, Ponzi schemes and online scam artists.

[@emne5750]

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.

[@jroseme]

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.

[@wuy4]

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.

[@Jupiterxice]

Facts

[@mamotalemankoe3775]

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.

[@CFlandre]

@@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.

[@youknowit789]

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.

[@K20a3RSX]

Sounds like you’re doing great.

[@haha314]

​@@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.

[@LancesArmorStriking]

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

[@jordanmagera2880]

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

[@Ihateduckface157]

@@LancesArmorStriking doctors make around $200000 to $600000

[@hockeygrrlmuse]

My parents are in their mid-late sixties. My dad is semi-retired, working part time at his former job. My mom is still working full time and likely will for several more years. They are both in pretty good health, but they are still paying off the house. They are excited for their full retirement and really want to start making plans to travel together. But I wish they could afford to do that now, because I know it will get harder the older they both get. I know full well they will have nothing to give me by the time they pass. They will need to sell the house at some point. I've made my peace with this. They gave me and my sister so much, especially during the recession years when they thought we might lose everything. I'm on my own.

[@maxschmidt666]

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.

[@joshuaa.kennedy8837]

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.

[@weird-guy]

Lending money is a recipe for disaster, that why when I lend money I count on never seeing that money ever again.

[@jeffreybaker4399]

@@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.

[@BuzzKirill3D]

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.

[@mau345]

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.

[@tailstalker]

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.

[@Vid_Master]

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.

[@jcantonelli1]

​@@Vid_MasterLet's hope that doesn't happen then.

[@Praisethesunson]

It also assumes you young people aren't going to organize and unionize as labor unions to force the system exploiting you to pay you your due. The Hollywood and Car unions did it. Now it's your turn.

[@tombarlow4258]

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.

[@stainlesssteellemming3885]

Yep - multiple divorces can ruin your retirement planning. People don't seem to think about that part.

[@mikea5745]

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

[@richardblack3385]

​@mikea5745 that's total bullshit I'm a veteran myself and know plenty that retired off of just that

[@scholaroftheworldalternatehist]

Yes, women can take half your worth in an instant. Nowadays they are so fickle

[@MajinMist603]

@@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 .

[@AdamGamingClips]

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.

[@Sashin9000]

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.

[@1contrarian]

You should be proud of yourself.

[@oliviao2238]

@@1contrarian Yes, he is proud of himself

[@wuy4]

Another "taker" waiting in line for government handouts. The more you give, the more line up.

[@krj15489]

you can get a job

[@frederickcampana5717]

@Thessalin Congrats only -$48,000.00

[@bighairguy7]

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.

[@cpK054L]

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

[@zaco-km3su]

Good luck. Let's hope you won't regret it.

[@JBoy340a]

Nice matching by employer. Congrats.

[@NiaArifah-br6cr]

dont invest in money, it will be eaten by real inflation

[@fuzzypanda1684]

Wait, you actually got a job? Like a real job, not one that involves pinning on a name tag? How??

[@Jenny-bi1ey]

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.

[@ibanezgirl4623]

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?

[@Jenny-bi1ey]

@@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

[@richhornie7000]

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

[@girllittlemorbid]

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.

[@ibanezgirl4623]

@@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.

[@matthewoconnor2742]

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

[@donaldlyons17]

How Money Works already addressed some of those problems in other videos. In other words the situation is only bleak.

[@Ajax9774]

So I did the math and based on my calculations I should be able to retire approximately 15 years after I'm deceased. Excellent video by the way 👍

[@wrenromero6392]

50,000 a year in retirement? I'd love to see 30,000 while working

[@CarrieV9]

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.

[@xSPLOOMPHx]

Damn I wish I was buying houses in bad neighborhoods instead of being unborn.

[@hrg_tv]

In 45 years, $50,000/yr won’t be enough to cover basic living expenses.

[@michaelvick2872]

I feel like I’m in an incredibly blessed position, my family paid off the house last year, 280k total for a house that’s now worth 1.1 million. It took them 30 years, and it ruined me and my brothers childhood due to stress and fear of losing the house due to bills but I know my children will have it easier. I do not have to live in this expensive city, and I won’t. I will do my best to save, set up a trust so the money isn’t squandered and hopefully I am able to do a little for my community, but those are just dreams I know may not come true. So for now, I enjoy my existence as a 21 year old, and I hope that I am able to provide a better childhood/adulthood for my future generations when the time comes. I don’t know what I want to do in life, but I know I don’t want to work forever. Well that’s not true, I quite enjoy working with people, no matter the job, i would be willing to work for the rest of my life(not daily of course) but employers do not respect employees so I will not force myself to suffer.

[@ShenpaiWasTaken]

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. 😢

[@elizabethg1901]

Nothing is promised. You need to work for it.

[@SuperShado101]

@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

[@RedWolfenstein]

@@elizabethg1901 He did work for it by doing what is socially acceptable and told to do by his elders and it was all lies

[@HyperVegitoDBZ]

@@RedWolfenstein 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.

[@jasonjohnson6938]

​@Elizabeth G that sounds like victim blaming, buddy

[@kingbonezai4925]

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

[@tsrocks2029]

One of the most rational comments here. Retirement is an entirely new concept

[@catdadd6808]

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

[@geddon436]

The more I research, the more moving to another country like sweden, norway, australia or germany is sounding better

[@isaacschmid1730]

@@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

[@geddon436]

@@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.

[@mysticaltyger2009]

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.

[@cebapplejak5997]

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.

[@eane7238]

YOUR FAULT.

[@cebapplejak5997]

@@eane7238 sure. 🤡

[@14534]

@@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.

[@frederickcampana5717]

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.

[@cebapplejak5997]

@@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.

[@mostbeautifulroads9789]

Very lucky to be on track in my early 30s even though I was basically broke 5 years ago. It's a lot easier to save a years worth of income when you make substantial amounts of money. I'm saving/investing at least 50% of what I make so having a years income worth of saving means just 2 years of work.

[@edwintorres2530]

I can always count on How Money Works to cheer me up after a long day at work.

[@PraveenSrJ01]

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.

[@qwertyqwertyqwerty4324]

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

[@mr.kilpatrick2991]

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.

[@newmamaful]

Dave Ramsey

[@tmusa2002]

Ramsey is the best place to start. He starts with the basics. No excuse in the days of KZbin to not have learned about personal finance.

[@j3in725]

As someone who grew up the same. You'll get there. If anything you know what NOT to do.

[@mihaylo_kovin]

I knew Dave, 64, a football coach who lived in Ukraine for 3 years before the war. He had a pension of about 1000 dollars / month - and he had enough for an exquisite life with a margin. He said that due to the fact that this is a small amount of money, he left the United States.

[@OneSingleCheezIt]

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.

[@richhornie7000]

They like free market so much, except when it's concerning euthanasia

[@proddyg6348]

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.

[@TheLethargicWeirdo985]

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.

[@Hobohunter23]

this is my plan lol

[@SandLion]

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.

[@MrSubie10]

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.

[@FeliPeltier]

A lot of people die from inflammation from stress. Studies show this has a lot to do with finances. Being financially literate might have great health effects.

[@Heretowatchstuff]

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.

[@jcantonelli1]

Good luck, man - stay safe out there.

[@gigabasedchadlord2297]

Agreed working gets you nothing get “busy living or get busy dying”

[@jingles013]

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

[@jingles013]

@@sharonneth4231 hopes and dreams are in the house. But if it goes it goes

[@beng4647]

I will be homeless and work 40 hours a week from 20 to 63 if I am lucky.

[@dazham1]

Here in the UK, employers of a certain size have to provide a pension scheme for their employees. My employer obliges us to contribute at least 5% of our salary before tax, and they'll match up to 10%. That being said, I still think the concept of retirement for the vast majority of people is a pipe dream (myself included).

[@thegamer3791]

They just end up paying u less

[@TheGooglySmoog]

I have kept raising my retirement contribution as I've made more money. Not because I'm smart with money, I just realized how dangerously behind I am!

[@woodside4life]

Sigh… same here.

[@davidhoward4715]

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.

[@williamlbl]

I am 33, a CFO of a medium size segment of a multinational, and not close to those targets. Retirement savings started at 23. My wife on the other hand, 34 year old nurse, has more than double her annual salary. We have similar amounts saved. She started saving at 18 while acquiring her nursing degree. Power of compounding.

[@SteelRainz1]

This is why humans need each other. Find a partner, work hard and save together.

[@kayw1771]

The Walmart door greeters that you know for certain aren’t there because they’re bored in their retirement because they can barely stand up straight, that image is imprinted in my brain and is one of the motivating factors in why I’m continuing down the path I’m on. I strive to be like my Godmother who has had her feet kicked up enjoying her leisure very comfortably for 20 years and counting.

[@repboy1]

From 20,to 40 I traveled the world through work , glad I did it that way round instead of waiting to retire

[@joedirago14]

What was your job?

[@repboy1]

@@joedirago14 worked in the uk travel industry

[@jaybanks7718]

I'm 100% going to retire, and probably early. Before I die, I might have to go back to work at some point, but it's worth the risk to retire while I'm healthy and can actually enjoy it. Yes, I did inherit some money and land, but I also drove used cars and lived in a shack for decades. My payoff for my sacrifices over the years is actually retiring.

[@grocerygoat06]

You don't need to apologize for inheriting money or property. Getting ahead is not a bad thing.

[@jcantonelli1]

​@@grocerygoat06No, getting ahead is not a bad thing at all...especially when someone else has given you a lift.

[@timm1583]

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.

[@jcantonelli1]

He did mention it, but it's always good to not even mention something that potentially important again.

[@rileyparish5149]

1:45 I'm 27 and I currently have 1.5x my household income saved/invested. I'm fortunate to have a decent salary as a software engineer (2 YOE). No inheritance or particularly lucrative investments, but my wife and I are very intentional about how we spend our money. Hoping to be able to continue the trend!

[@guncolony]

inb4 laid off

[@rileyparish5149]

@@guncolony lol, I literally got laid off last month. I started a new SWE job this week though!

[@mackeejack6731]

Software engineering skill is better than an inheritance lol. You won the lotto

[@parkerwilkin]

So much nihilism in these comments - glad to see someone taking initiative and excelling. Praying for many continued blessings to you and your wife, king.

[@thejquinn]

@@rileyparish5149 No fear of being automated out of existence?

[@johntryl8009]

Are you the only financial channel with a brain. Dude, I love your content. You finally seem like a person who GETS IT. Damn. Clear, relevant, mathematically accurate, and in general, just in tuned with the real struggle out there that people are facing, and what people (particularly the youth) are feeling. (I'm mid-30s and living at home to save, so not exactly youth anymore, but I can't even imagine what their plan is gonna be going forward and I feel for them eh). Keep making bombass vids eh. You're killing it. (It blows my mind that there was a time when one salary could buy and house and build a life with a family, and now, you need roomates just to make it from day to day ... nuts how things have changed. The definition of "middle class" has completely shifted. Owning a house or affording rent is now a luxury item on the income statement and balanace sheets). EDIT: I'm in Canada, so things are a little worse housing wise, but a little better healthcare wise, but I was recently looking at my degree cost for enigneering, and when I went, it ran me 80k ten years ago, now that I'm looking up today's costs for the same school same degree, the estimate on the school's website is 150k-175k. Like. Shit. I feel bad for the next gen who also wants to retire. Like how. How did it get like this.

[@boroqcat]

“Like how. How did it get like this.” Central Bankers: money printer go brrrrr

[@cpK054L]

Pretty sure the housing crisis can be solved easily by jacking property taxes on none homesteads by quintuple. Weed out all these real estate moguls who are just exploiting people for rent. But....you know boomers will get big mad because they had the chance to buy these properties with gold backed dollars and toonies

[@spencerlukay5809]

As a younger person you just get used to coping with the fact that the future is horizonless and bleak. At least death is cheaper.

[@johntryl8009]

@@boroqcat Money to society, is like blood to the body ... you don't just keep injecting more ... you get the right amount in there, and then make sure it CIRCULATES correctly... i'm with ya eh

[@johntryl8009]

@@spencerlukay5809 goddamn, that's bleak

[@justinsmith1053]

I am a 17 year old in Northeast Florida. I am fortunate enough to be able to put anywhere from 50-70 percent of my income from Home Depot into both the ESPP and my Roth 401k. The rest I use to pay my car insurance, gas, and so forth. My goal is to have around 15k-20k invested by the time I graduate high-school. I also have a pressure washing business. None of this was taught to me by my parents. I am doing this on my own accord because I want financial independence when I am older. I bought my own car, pressure washing equipment, and so forth. Of course it’s a lot easier without having to pay for rent and a bunch of groceries. I am both lucky and grateful.

[@cutehumor]

invest now. I am 45 and plan to retire at 55. I max every tax advantage account 401k, roth ira, and HSA in US stock index funds. I invest now so I don't have to work as a wage slave until the day I die in my 70s or 80s

[@OrlandoVallejos]

Hey, I’m 36 and I admire how fast you figured it out. I realized last year that I’d probably have to work until I die. I’m and engineer but I have no savings and I’m paying a mortgage. I wish I had your age when I realize how hard it is… I know I still have some strong working years, but I wish I had realized about this 10 years ago

[@chriswright8074]

@@OrlandoVallejos me and you both

[@duaneowens7777]

@@OrlandoVallejos which engineer are you? Sure you are getting a high salaey

[@carknower]

Poor kid, that money won’t matter when you need it. Spend it now and get the most out of life

[@milotherussianblue3691]

Most of us are already the walking dead.

[@patrickslomka2017]

Sad but true

[@K20a3RSX]

My father is 61 and gradually transitioning to a partial retirement wherein he’ll be working 3 days per week for a while before completely retiring. My goal is to do the same. I am not willing to work insane hours and force my family to live off pennies for 20 years so I can retire at 55. I want to spend time with my wife and children and spend my money on education/opportunities for my children.