Author Topic: 66% of Millenials have nothing saved for retirement; reddit comments  (Read 1388 times)

5oclockshadowmustacheNYC

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https://old.reddit.com/r/news/comments/96yfed/66_of_millennials_have_nothing_saved_for/?st=jksdxbai&sh=d2203876

When I see comments like "it's the iPhones we buy", I want to say, "you're not wrong", but I know I'll just come across as preachy.  I'm fortunate to have a fairly high-paying job, but MMM has quite handily laid out the math for all sorts of incomes lower than me and how feasible it is to live off of those salaries.

BTDretire

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Re: 66% of Millenials have nothing saved for retirement; reddit comments
« Reply #1 on: August 13, 2018, 12:19:32 PM »
This one's good!

CROSS,
on the one check i don't have to pay rent with, i spend 550$ just on car/insurance, and on my other paycheck i gotta pay my rent and other bills.
and i actually make OK money compared to a lot of other ppl in my age/economic class.

GEEFOR,
Get a cheaper car that you can afford. My insurance on 2 cars for a year was under $850


CROSS,
well, i had bad credit so i was bascially shoehorned into buying a new car which i really didn't want. is there a way out of that? i really need to find a subreddit that could help me with that.

frugalfoothills

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Re: 66% of Millenials have nothing saved for retirement; reddit comments
« Reply #2 on: August 13, 2018, 12:38:43 PM »
FWIW, the article also mentiones that over 40% of GenX and Boomers have yet to start saving. I'd think that would be more newsworthy considering the age difference there... some Millenials are in their early 20s. It feels like less of a concern if a 22 year old hasn't started saving vs. a 55 year old, no?

It just feels like "Millenial" gets tossed out as often as possible as clickbait, when in reality we aren't that much different than generations who have come before us. I read some garbage article the other day about how "Half of Millenial homeowners regret their decision to buy a house," and the reasons were stupid things like: they settled on a home that wasn't perfect for them. Surely that isn't restricted to Millenials? I'd wager there are plenty of folks in that camp, but the Millenial angle always gets people to click.

Of course, I am a Millenial, so maybe I'm just overly sensitive ;)

FireHiker

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Re: 66% of Millenials have nothing saved for retirement; reddit comments
« Reply #3 on: August 13, 2018, 12:43:56 PM »
Of course, I am a Millenial, so maybe I'm just overly sensitive ;)

As a GenXer myself, I am far more concerned about the 40% of GenX and Boomers without savings, like you said.

BTDretire

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Re: 66% of Millenials have nothing saved for retirement; reddit comments
« Reply #4 on: August 13, 2018, 12:58:35 PM »
I have read a large part of the thread and there is an awful lot of whining about the situation that society has
put them in. Doesn't seem there's anything they can do to help themselves.
 Live under your income and invest the money. Then invest in yourself, so you can make more money.
Also, there are way more than 40 hours in a week.

elliha

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Re: 66% of Millenials have nothing saved for retirement; reddit comments
« Reply #5 on: August 13, 2018, 01:28:34 PM »
If you are 20 and you have to choose between having retirement savings and an emergency fund or paying off loans with a lot of interest I think it is fine to prioritize your needs right now. If you are not dreaming about early retirement (yet) why not live in the now? Or even worse, if you don't make a lot of money which many young people are not, well then it might not even be a choice but something you do to make ends meet now. It is one thing to save for retirement through different work related programs, that I think is wise to do even as a young person but private savings only meant for retirement when you do not have a desire for a very early retirment is not something I would even recommend. I would suggest investments that can be used now or be saved until later if they are not needed and focus on retirement after 30. If you still expect to work until 60+ you can rather have more flexible investments for a while.

obstinate

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Re: 66% of Millenials have nothing saved for retirement; reddit comments
« Reply #6 on: August 13, 2018, 01:59:43 PM »
I think it's OK to recognize that it's challenging to live on $35k per year and save significant amounts of money. It would be great if people could, but it's not surprising that they don't.

Personally, I'm far more interested in the people who do make significant money and still don't have savings.

thd7t

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Re: 66% of Millenials have nothing saved for retirement; reddit comments
« Reply #7 on: August 13, 2018, 02:21:11 PM »
Well, that was depressing.  Notwithstanding the couple of Gen-Xers who had to cash out at bad times because of medical troubles (these are legitimately sad stories), there's a range from "I don't make any money" to "I make good money, but can't keep afloat".  I don't know.  Do people not have roommates anymore?

Prairie Stash

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Of course, I am a Millenial, so maybe I'm just overly sensitive ;)
all millenials are overly sensitive ;) 

That's the title for my next clickbait article.

dougules

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While it is sad if so many millennials haven't saved for retirement, I agree that Baby boomers and Gen X are a much bigger story.  The millennials have some time to improve their situation and change their ways. 
 
And yes, millennial hating has become a favorite for click-bait.

Dani S

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I'm a red panda

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Millenials are aged 22-37 right now.
If you assume an even spread of ages, 66% of them are under 32. This really doesn't seem like a giant emergency...
I mean it would be better if we all had great savings, but a lot of young 20 somethings aren't even in their first "real" job yet.


I am nearly 2 comma club at 36, and I didn't start my first retirement account until 25.


Boomers without retirement savings, that's scary. GenXers, that's worrisome.  Millenials? They'll get there.  But hopefully more are hearing about the power of compound interest and getting investing now.

Edit: The article apparently defines millenials as 21-32.  So they basically cut off the older millennials that are more likely to have savings with their definition.  This is the first time I've ever seen millenial start at 1986; though as a used to be called "GenY" millenial, it makes more sense to me, because I don't identify with many of the "millenial" traits.

Also, even within the 21-32 age  group the article says "More than 94% of Millennials who are eligible for a workplace retirement plan are saving." So once they get jobs that offer a 401k or 403b, they use them.
« Last Edit: Today at 12:47:21 PM by I'm a red panda »

Prairie Stash

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Of course, I am a Millenial, so maybe I'm just overly sensitive ;)
all millenials are overly sensitive ;) 

That's the title for my next clickbait article.

https://www.google.com/search?q=millennials+over+sensitive&oq=millennials+over+sensitive&aqs=chrome..69i57.276j0j9&sourceid=chrome&ie=UTF-8
Looks to me like it's an easy topic.

I think I'll do a follow up that says "The Children of Millenials are Illiterate", I bet the majority of millenials haven't taught their kids to read yet, its a disgrace.