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As a Gen X-er, I've never been under the illusion that I could ever retire. Simply will not happen.
Agreed. Articles like this only reinforce what I've been thinking and saying all along. The article doesn't even take the position that it's a bad thing or that there's anything really wrong with it. They allude at some point to insufficient funds as one of several reasons people "choose" to continue work. Sure, some people are workaholics and some people don't know what to do with themselves outside of work. The article seems to celebrate old people working later into their lives, without really considering that it's not really a choice for many.
During a retirement program conference at my company, the HR spokesperson said that the recommendation is that people put 15% of their income into retirement savings. Who can afford to do that? If I put 15% of my income into retirement, maybe, I'd be able to retire, but I'd be in so much debt when I got there that I wouldn't be able to enjoy retirement.
I was naive and thought I'd be able to retire. My father was forced to retire without enough saved up. (He was fired so close to retirement age that nobody would hire him for a few years and he put too much of his retirement savings in the stock market thinking he'd make a fortune.)
I promised myself that I wouldn't end up in his position, but my living expenses were too high so I couldn't put much away for retirement. I figured I'd put more away later. Then later. Then later still.
Now, I'm 48 and don't have nearly enough put away. An HR person for my company said, during a presentation, that the recommendation is for people to put 15% of their income into retirement. Who can afford to not have 15% of their income?!!! Definitely not me. And at this point, I'd need to put about 30% of my income into retirement to be ready.
At this point, my retirement plan is to work until I'm 75 or 80. Then, maybe, I'll be able to retire for a few years.
So we just work until we can't and then kill ourselves? This the future? Dark AF homie.
Retirement?
Good joke, tell me another: My generation is fucked and will be increasingly fucked in the future because of greedy assholes who got theirs then pulled up the ladder.
My retirement plan is to die in the climate/water wars or famine or disease. If not then I'll be working till I die. Both are suboptimal choices.
My boomer parents try to help me feel better by reminding me of a social security that will not exist, pension funds that will not exist, and social stability that will not exist. Yay. Thanks.
"Best I'll be able to do is work a half day on the day of my funeral"
And even then, the mandatory overtime is gonna make me late to my own damn funeral.
My mother doesn't understand why I don't have more sympathy for the troubles she is facing in old age and its just like "bitch, I'll be lucky if I'm living out of my car in my old age." Get a fucking clue you old hag. We have it worse and will continue to have it worse so why the fuck would we cry tears because you're sad your church doesn't take masking seriously. No sympathy for you and your science denying sky daddy worshipping friends, you absolute chucklefuck.
Get a fucking clue you old hag.
I cannot imagine that your mother takes you seriously lol
if you're working, you havent really "retired"
It says it's not easy. I fact it is so hard, they couldn't even do it.
Good thing retirement is forever out of reach for our generation then.
And here we slowly raise the age of retirement. Though it doesn't matter much very often. My dad retired with 60 and died half a year later... What a waste. A life containing just work. He didn't even know what to do with himself in that 6 month.
I retired with 35 or so, and can't imagine working again. I got more hobbies than time and don't know the meaning of the word boredom. Would do it all over again.
I do work voluntary stuff for sick people, that is way more fulfilling and meaningful.
How did you retire at 35..? Wtf
I was self-employed right after school, did well, pay no rent. I'm fortunate. But i also don't need much except my one expensive hobby (gaming and smarthome). I'm also a cheap fuck who doesn't need big houses or fancy cars or silly branded clothes.
Also: no kids... Biggest saver.
Same here. I'm in my early forties and retired. Small house, no kids, and we don't carry debt beyond our mortgage, which will be paid off in 3 months. Not a fancy or flashy lifestyle by any means. It's possible, it just takes sacrifice and living well below your means during your earning years.
Probably also highly depends on WHERE you live though. But still. The "living below your means" is probably hard for the most. Because we (especially we dudes) are judged by our financial status. And hence we need to appear more flashy than we actually are. Like peacocks. I've seen sooooo many people living way over their means who spend more on clothes monthly than I do on a car. And they're still poor. But poor in fancy clothes. Cars are even worse. The amount of obviously leased or heavily financed cars here is grotesque. Recently read the average (north-)American spends 1000 a month on a car. And 1/3 of those are 60days lacking in payments. Jeez. For what? Appearing richer?
Those hobbies don't even need to be that expensive these days either... Just stay single, or if you do find someone make absolutely sure they align with your way of life otherwise I can guarantee your hobbies will look like nothing compared to what a partner can do. And absolutely never have kids... as someone who is now 40 with both those things I honestly don't know how I will make it work even with working. I regret most of my life choices...
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Ah… so I have to save 65% of my take home pay…
That’s literally impossible though lmao. 35% of my income is rent. And I already pay way below market rate in my region.
I have to more than double my income suddenly, and pray nothing becomes more expensive.
Basically what you did was something only a very small handful of people can do. It requires a decent amount of luck tbh.
You know I'm not the same person you asked, right? Given how few people use Lemmy, if there are two of us FIRE (Financially Independent, Retire Early) folks in this thread, maybe it's more common and more feasible than you realize.
Edit (with 4 downvotes so far): wow, even the gentlest suggestion that there's a viable alternative to wage-slavery really generates the hate, huh? I sure would like to know what you folks' objections are.
What's with the hate guys? I'm only living your impossible dream and telling you that if you weren't an idiot you'd be retired at 35 too!
Who said anything about impossible? All it takes is lowering your expectations on how much stuff you can buy.
Bro I don’t buy anything. Most people don’t buy anything. They live paycheck to paycheck just covering the basics. The little I spend on not being miserable wouldn’t be even 1% enough to save to retire at 35. The only way for me to cut costs is to start squatting? Steal food from the supermarket? Idk. In Minecraft ofc.
They live paycheck to paycheck just covering the basics.
Let me guess: "basics" include expenses to commute to work in a car, right?
Well, for starters, don't do that.
Let me guess, you have no idea how most people in the world live. Most people in most places can’t afford a car at all, and spend a good chunk of their money on public transport anyways.
This article, this thread, and my comments have all been about the United States. That's what we're talking about: the United States. If you think it's some sort of "gotcha" that what I wrote doesn't apply to folks in Somalia or wherever, you're just being disingenuous.
I assume you're in the USA? Can imagine it to be a lot harder there than elsewhere. Here you wouldn't even need to work at all, as long as you're ok with the very bare mininum like rent and food and stuff. A reason why we're drowning in refugees. The more kids the merrier. Or work some hours a week and earn a lil extra with tons of spare time left.
How one could do this in the US on minimum, i can't even imagjne. Sorry bro. But we all will catch up with your dystopia sooner or later...
Is it okay to ask you what continent/country you live in?
Man if you think the US is the hardest place to live, you truly are drowning in privilege. No offence.
And I hope you do realise that the benefits and ease you have to live life are the direct fruits of the overexploitation of the global south by your government.
No, jeez. I'm gladly not in the US. And comparing to other so called first-world-nations it's surely the worst shithole.
So yes, I do know that. And i dislike it,even though I'm benefitting from it. Like we all do from slave labour in india, china, Pakistán and wherever...
Yeah, my HR representative said I should be saving 15% of my income for retirement. I can't even afford to save that much. By the time you deduct my mortgage, health care costs, food, and other necessities, I have very little left over.
Maybe I could save 15% of my salary if I lived my life without anything enjoyable. No smartphone, no streaming service (even though I'm only paying for one and don't have cable TV), nothing purchased at all to enjoy life. Just live a Spartan, barebones life. Maybe then, I could scrounge together 15% to save for retirement, but my life up to retirement would be extremely miserable.
I feel like this advice was concocted by people making much more than I make. "So, when you get your $10,000 biweekly paycheck, put 15% of it away. See? So easy!"
Saving everything from today for tomorrow can be cool tomorrow. But it also zaps the joy of today. And imagine being dead a week after retirement or super ill. You'd kill yourself out of regret. Sure, saving is good, but enjoying the ephemeral pleasures of everyday is more important. IMHO.
And even if you can afford to enjoy tomorrow, there's no guarantee that your body will let you. My parents were frugal as I was growing up - taking very few vacations. For various reasons, my father retired with very little money.
Even if he had money, though, my father's health has deteriorated. He lives about 3.5 hours drive from me and can't make that journey. For him, even an hours' drive is a lot and airplane trips are out of the question. Even if he had a decent retirement savings, he wouldn't be able to truly enjoy it.
Sorry to hear that. But yes, that chance is on the table too. Although you could be lucky to have saved much and live healthy and happy to 90. But I wouldn't exactly planning for that with confidence.
I don't mind working even in old age as long as it is at most 6 hours per day and when it actually contributes something to society.
But yeah, hobbies are excellent way to get boredom out of life. To be honest I don't understand people who use all their free time browsing Facebook, or watching stupid TV shows.
Aye. 4-6h a day in a MEANINGFUL job or 3-4days fulltime. That'd be fine. And as productive as 5 days fulltime.
I don't understand those either. Haven't had a tv for 20yrs now. Never had an fb/tiktok/insta & co account either. But sure, after working 8-19hrs in retail, dealing with shitty assholes, I'd probably just watch tv too. No energy for anything else.
The new "American dream".
Why is bob using a picture of Ellen DeGeneres?
This made me laugh. Thank you!
Republican retirement plan: work until you drop. Republican healthcare plan: just die already Republican education plan: You'll be paying off those student loans until you die, and by the way, you've been downsized. Try applying at an Amazon warehouse or a WalMart.
It's easy when my plan is suicide after my wife dies and my daughter gets established.
angst angst angst angst angst angst
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this post was submitted on 26 Nov 2023
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