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Will an apocalypse make retirement savings unnecessary?
PoutineLover:
https://www.salon.com/2018/03/18/some-millennials-arent-saving-for-retirement-because-they-do-not-think-capitalism-will-exist-by-then/#.Wq6EwBDFv8U.facebook
Saw this article on my feed today. Thought it was kinda interesting. Personally, I am still saving for retirement, because I think the likelihood of needing that money and our system still existing in a similar form to today is pretty high. Although seeing the conflict between major countries, the impact of climate change and the automation of many jobs, it doesn't seem entirely implausible that our current capitalist society will fail in some major way. Are these millennials stupid or genius?
brute:
Some of the so called greatest generation hid cash in mattresses and walls. So yeah, I think millennials are doing fine in general. I mean, at least they have a reason in mind to not be investing, unlike so many people in their 50s that I work with who have no savings and no idea why, where it went, or how to ever quit working.
Just Joe:
Will be interesting to see if the Millennials can dream up something besides capitalism that works better. Lots of friction in society as we know it now. Won't change easily b/c people will protect their cash cows.
BJacks:
--- Quote from: brute on March 20, 2018, 12:45:41 PM ---Some of the so called greatest generation hid cash in mattresses and walls. So yeah, I think millennials are doing fine in general. I mean, at least they have a reason in mind to not be investing, unlike so many people in their 50s that I work with who have no savings and no idea why, where it went, or how to ever quit working.
--- End quote ---
My parents just told my grandparents that they needed to get all their cash out of their tinderbox hoard of a house. They apparently had 40k stashed away in various places. That they could find anyway.
I don't think the people in this article have a reason in mind - more like an excuse as to why they are being so foolish. "It's hard to save and maybe it will be pointless so why bother?"
Personally I'll stick with 'hope for the best plan for the worst'. I'm living a great life and will have no regrets even if all my saving is for naught.
Building a community is great but I would never bank on that as my long term plan for my personal retirement. In addition to, sure, but good grief people don't even want to take care of their own aging family members much less other people.
FINate:
Reading the article, I see a group of young adults who've been protected from the harsh realities of the real world their entire life and are now struggling to make sense of it. Unrealistic expectations colliding with a reality without safe spaces. So instead of leaning into the challenge they are withdrawing.
It's the same mindset as super conservative folks who build bunkers in the wilderness and start militias. I know a few, in person initially, later online as they distanced themselves from civil society and went off the deep end. They latched on to what they thought was secret knowledge, they were in the know and everyone else was naive. I could sense their frustration when, after Y2K and later the financial crisis, society didn't melt down and instead recovered and even thrived. "Look at all these fools living life, enjoying themselves. Any day now they will all be sorry and I'll have the last laugh!!! Someday I will be validated!!!" It's a bizzaro world of desperately wanting things to get worse in the hopes of being better off than others in relative terms.
EDIT: To be clear, I don't think this is representative of Millennials as a whole. Every generation has its share of defeatists/fatalists.
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