Millennials Want to Retire at 59, But 3 Out of 4 Aren’t Very…


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+4553 – Millennials Want to Retire at 59, But 3 Out of 4 Aren’t Very Confident That’s Achievable

2022-06-23 16:35:57

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DenaeWaugh

45 Comments

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  1. I’m 51. Bought a house when they were $100,000 and have a 401k and still can’t retire at 59. How are Millennials going to retire at 59? I think I read that a person needs $1,500,000 minimum to retire now let alone years from now.

  2. I’m a millennial and I expect to be working until my body fails and I am no longer physically capable.

    Having grown up around the 2008 crisis, I learned it doesn’t matter if you have a pension or a 401k, there’s always a chance the economy shits the bed right as you go to retire and ruins everything. Better to just expect to keep working.

  3. I’m 35, my finances have been ravaged by this economy. I had almost 30k in savings wiped out by COVID, 25k in retirement funds gone to keep a roof over my head and my family fed, so I’m starting back over from essentially nothing. My retirement plan is to die in a pile of brass during the eventual wars over drinking water, or to just take a one-way walk into the sea when late-stage capitalism exhausts me enough.

  4. I should be able to retire at 56. Sooner if they improve pension rules. 22 more years!

  5. I’m a construction worker, I contribute to an IRA and my employer matches 3%. I’m 30 and I’ve begrudgingly accepted that one day I’ll die on a job site. Sucks man.

  6. Robots will take over lots of jobs in the coming years. I foresee lots of uneducated individuals with no jobs.

  7. My mother worked up until she was 69 years old, retired, and got diagnosed with ALS 2 months later. You have no idea how long you’ll live or how much money you’ll need.

  8. Retire? Most millennials hope to die, and leave this hell hole of existence before reaching retirement age.

    ‘This is the bad place’ – Eleanor Shellstrop

  9. Boomers brought homes for dirt cheap & sells them for 100 times more today.

    My former coworker told me that their house only cost them $85K in 80s. In 2022, their house cost $10 million dollars

  10. I’d rather retire at 40 or something. Jokes aside it’s sounding more like inflation will keep going either forcing people to pull from retirement or gain more debt which will also hurt retirement.

  11. Millennial here.. I love the thought of retirement but my gut tells me im working until I croak. Unless of course my generation makes strides in politics after the boomers check out, im not holding my breath on that one though.

  12. I’m a millennial. My wife and I are on track to retire at 65, but it’s certainly taken dedication, trade-offs and some luck.

    **Dedication** – we both commit 10+% of our income to retirement accounts and have done so for 10+ years. To achieve this, we spend less on vacations, bars, going out to eat, etc. than most of our peers near our income level. Combined we make six figures, and I had a turkey sandwich for lunch.

    **Trade-offs -** we delayed having kids until we were financially secure. We both stayed at jobs we didn’t like because we earned decent money. I went back to school for a graduate degree that we paid for in cash. The degree was a huge commitment of time, but also allowed me to climb up the ladder. We live in a mid-cost-of-living city. We will likely stay in our current house, even as we outgrow it, because our rate is 3% and our mortgage payment is small.

    **Luck** – we bought a house in 2017 before prices got crazy. We have stayed relatively healthy. Neither one of us has experienced long-term unemployment.

  13. I don’t think retirement is a possibility either. This isn’t part of the social contract I signed. I was told if I work and pay taxes and save, I could have a house a car and a family. That’s impossible now. And I’m a tradesman who works fulltime in construction with zero debt. I also just moved in with my mom at 42 because I can’t afford rent. What’s the point of working anymore?

  14. I make a strong tech salary and the odds of me retiring at 59 are basically zero. Housing prices are absolutely out of fricking control.

  15. i was confident it was possible until prices of everything just doubled. how many more times will they double without salaries going up over the next 30 years.

  16. People don’t want to at 59 unless they have a legitimate reason. As I approach 50, I love staying busy and I know many people that don’t look at 59 as the cut off to retire. And I think people don’t understand retirement, anyways, it’s not just to “not work” and travel and do a bunch of fun stuff, it’s to be set up so you don’t HAVE to compete so hard in the work force. Key things to retiring (at any age) is the following: Have a paid off home you own outright, keep yourself healthy (which starts decades before you get near retiring, and doesn’t include conditions or genetic disorders or accidents), live in a county/district that has good tax benefits for your home such as freezing your property taxes, invest heavily in a long-term retirement account such as IRA’s or company sponsored 401ks, even if it’s $50/mo, and be completely out of debt. This is really the key to retiring easy and still able to work a good part time job to stay active and healthy and little financial burden with a mortgage and debt, etc. And you get to keep your independence. Many younger individuals today live on debt, smoke/drink/eat terrible, want to rent rather than own, don’t prioritize retirement and then they miss out on these good opportunities later in life. Just takes organization and discipline.

  17. I have a good job, but I have no plans to retire. I’m putting money aside so that maybe one day I’ll have kids or might be able to retire, but I think a lot of Millennials and Gen Z’s are going to get screwed in the long run

  18. Sounds like more millennials need to start reading ole Mr Money Mustache and get to working on their frugal muscles then. Once you understand the importance of savings rate and compound interest then it becomes a bit easier to skip the avocado toast from GrubHub and to start using the bicycle for nearby errands.

  19. I thought I wanted to retire early. Once I made some decent money, I knew early retirement wasn’t for me. Work can be peaceful and fulfilling

  20. It doesn’t help that so many of us are just retarded with finances.

    I have so many friends that complain about not being able to save money, meanwhile they have 5+ streaming subs, always excited at the end of their 2 year phone contract so they can get a brand new one, get new shoes everytime their current ones start to look old, drink/smoke far too much, eat out all the time, etc.

    Yea, admittedly we have been fucked by the previous generations, but it doesn’t help how we’ve had “live for the moment” shoved down our throats, pushing us into a hedonist lifestyle.

    The sad thing is that a decent amount of them (that I know) not only do this, but take some weird pride in it.

    Ofc, that being said, I’ve saved quite a lot over the past few years, yet somehow feel like I’m more behind than when I started.. so can’t exactly blame them for their apathy..

  21. I’m Gen X. I will either die on the job or succumb to 30+ years of dealing with depression.

    Genuine empathy for the Millenials and Gen Z’ers.

  22. Boomers are working till they drop and therefore the millenial unemployment rate is much higher than anyone actually can calculate

  23. I’m hoping to stay on track to retire at 53. The main obstacle is that to do it comfortably, I need to shave 4 years off my mortgage. I lucked out big time getting hired to my job at 23 and buying my house at 27 before shit hit the fan.

  24. Some of us aren’t even thinking that far ahead.

    We’re just getting comfortable with the idea of dying at 40. It’s easier!

  25. Retire? Hell, we have been paying into a retirement program that won’t even exist by the time we are 59.

    The US is a fucking joke.