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Millennials Want To Retire By 61, One Problem...

Mar 14, 2003
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Most have nothing saved. I continue to be embarrassed that I am a millennial, as the ones in their younger 20's don't seem to have a clue. Now we see why things like universal income are gaining popularity.

 
We just need more tax breaks for the obscenely wealthy.


Every single time. Just stop. The Gov isn't the answer and the savior. Jesus Christ is actually.


I think the point is, they are accustom to a life style that sure as hell isn't the 80s but they live like it is. In a world that bilks every dime where it can. I wouldn't want to be one of them.
 
Skyrocketing tuition, housing prices, health care costs, stagnant wages...gee.

Same thing happened 20-25 years ago but with some discipline you can still save. Folks a generation older have been able to figure it out. Millennials are good at coming up with excuses. Gen X whines too and I’m sure some smart millennials will/have figured it out.

The Baby Boomers scare me.
 
Housing prices and student debt are outpacing income and quality jobs.

Even those of us lucky enough to land a good job still piss away $1000+/month in student loans.
 
Every single time. Just stop. The Gov isn't the answer and the savior. Jesus Christ is actually.


I think the point is, they are accustom to a life style that sure as hell isn't the 80s but they live like it is. In a world that bilks every dime where it can. I wouldn't want to be one of them.
Maybe the millennials are just waiting for Jesus to fund their retirement. o_O
 
Most have nothing saved because of student loan debt. Hard to put money away when your student loans are at 6% and you owe $100,000+ for a four year degree.

Must be nice to ruin the country like the Boomers have done and continue to do while blaming everyone else for the problems they created.

Oh, and they were the parents of these terrible millennials.
 
I think the point is, they are accustom to a life style that sure as hell isn't the 80s but they live like it is. In a world that bilks every dime where it can. I wouldn't want to be one of them.
While partially true, the "cost of entry" to adulthood is much higher than it has been. College tuition is crazy and housing is going up again.

My dad and Grandpa's generation could get a good enough job out of high school to buy a decent house on one income. Try doing that now ...
 
I love how everybody is crying about student loan debt. I have student loan debt and in a few short months it will be 100% paid off. It's called hard work and paying your bills. It only took me 10 years roughly.

I didn't go out and have 120K in student loan debt with a major in gender studies.
 
While partially true, the "cost of entry" to adulthood is much higher than it has been. College tuition is crazy and housing is going up again.

My dad and Grandpa's generation could get a good enough job out of high school to buy a decent house on one income. Try doing that now ...


Exactly. Amazing how many guys walked into great jobs. And the pension funds were part of it. Problem was, people started living past 70, lol
 
Housing prices and student debt are outpacing income and quality jobs.

Even those of us lucky enough to land a good job still piss away $1000+/month in student loans.

Odd that the two items you mentioned both have easy, cheap and nearly unlimited govt funding available to them, I do wonder why their inflationary costs have substantially outpaced the market....hmmmmmmmm.
 
Most have nothing saved because of student loan debt. Hard to put money away when your student loans are at 6% and you owe $100,000+ for a four year degree.

Must be nice to ruin the country like the Boomers have done and continue to do while blaming everyone else for the problems they created.

Oh, and they were the parents of these terrible millennials.

An even bigger problem is that the more talked about “solutions” that some like to discuss will only further perpetuate this very problem.
 
Odd that the two items you mentioned both have easy, cheap and nearly unlimited govt funding available to them, I do wonder why their inflationary costs have substantially outpaced the market....hmmmmmmmm.
The state used to fund about 70% of tuition in Iowa (I'm pretty sure I have that correct.) Now that number is much less (I want to say around ~30%).

That means the taxpayers back in the 60's and 70's funded the state schools here in Iowa at a much higher level. The boomers were the generous recipients of that and to show their gratitude said F you to the future generations. How nice of them.
 
Odd that the two items you mentioned both have easy, cheap and nearly unlimited govt funding available to them, I do wonder why their inflationary costs have substantially outpaced the market....hmmmmmmmm.
The state used to fund about 70% of tuition in Iowa (I'm pretty sure I have that correct.) Now that number is much less (I want to say around ~30%).

That means the taxpayers back in the 60's and 70's funded the state schools here in Iowa at a much higher level. The boomers were the generous recipients of that and to show their gratitude said F you to the future generations. How nice of them.

We could get back to this type of model if people were ok with lesser facilities, smaller enrollment numbers and a higher hurdle of entry into the college ranks.
 
You won’t if the high tax and free goodies crowd gets their way...they will need you to keep producing.

Thanks for your concern, but I will be just fine even with some tax changes. I would rather that extra 1 or 2% go to making sure everyone has access to health care or reducing poverty for people who didn’t have the same advantages that I did.
 
Skyrocketing tuition, housing prices, health care costs, stagnant wages...gee.

Well, and we also need to factor in age. Millennials are, as defined in the article, 18-37. At what point would you expect substantial savings? Anyone going to college likely isn't even going to start saving much until they're 24-25....and if they go to grad school, later than that. Then factor in the cost of college (tuition as an in-state student at Iowa my first semester was just over $1,000, now it's probably 10-12x that). There's a cost of getting started in life, as well.

Assuming a roughly equal distribution from 18-37, I'd actually expect that a solid 35-50% likely won't have much savings simply due to their age and position in life. Add on top the stupidity of youth and the numbers in the story aren't really surprising at all. Probably could have written the same story for Gen Xers as well 20 years ago. I'm on track for a good retirement (maybe even early if things break right) and we didn't have much until I was hitting my mid-30s due to grad school, a career change and kids. Good basic habits, though, put us in a good position for the point where promotions and new opportunities mean significantly more income.

That's how life works for a lot of people. Maybe the Millennials will prove to be fiscal morons, but right now I think there's a lot of generational piling on. Let's give them a chance. At some point, they will rule the world.
 
You won’t if the high tax and free goodies crowd gets their way...they will need you to keep producing.

Thanks for your concern, but I will be just fine even with some tax changes. I would rather that extra 1 or 2% go to making sure everyone has access to health care or reducing poverty for people who didn’t have the same advantages that I did. I

I’m not talking 1-2%. To properly fund what we do now and then the added programs that some want guys like you and me would be loooking at 20-25% increases. It would
Make a huge dent.
 
I love how everybody is crying about student loan debt. I have student loan debt and in a few short months it will be 100% paid off. It's called hard work and paying your bills. It only took me 10 years roughly.

I didn't go out and have 120K in student loan debt with a major in gender studies.
You can scoff at it but it’s a major factor. And yeah I’ll have mine and my wife’s paid off within ten years because we have good jobs. But the reality is the cost of education is rising much quicker than entry level salaries. The original article is trying to analyze is trying to pose why more millenials haven’t saved. That’s a pretty big reason.
 
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Skyrocketing tuition, housing prices, health care costs, stagnant wages...gee.
That hurts but how many are also driving twovnice cars and living in a house pushing $300k in Des Moines.

I know somebody living in a $300k house in the Des Moines area and it surprised me they were doing that well. Did a iowa court record search and they have numerous financial litigations against them and what looked like a paper divorce, they are still together.

Things are expensive but I also think people want everything today and don’t want to wait or save.

If you have a college degree you should not be getting sued for financial problems. A degree should mean you are smarter than that plus you should have a decent job.

I also think banks are giving home loans way higher than they should. This causes home prices to go up. Those formulas for how much house you can afford are a joke. They say I could have a house 3x more than I do now. If o did that I would have no retirement savings and my kids would be SOL for college help.
 
We could get back to this type of model if people were ok with lesser facilities, smaller enrollment numbers and a higher hurdle of entry into the college ranks.
All of that is a bit of a fallacy.

You think they didn't have new buildings and "modern" amenities on campus in the 60's, 70's, and 80's? They built new buildings back then that were considered state of the art for that time. Think CHA.

Was the admission to entry that much harder back in the day or did more people just not go to college because they could get good jobs without it? My dad got a job almost straight out of high school at what would be about the equivalent of 45-50k a year today ... at 19 years old. There was less incentive for him to go to school.
 
I love how everybody is crying about student loan debt. I have student loan debt and in a few short months it will be 100% paid off. It's called hard work and paying your bills. It only took me 10 years roughly.

I didn't go out and have 120K in student loan debt with a major in gender studies.
You can scoff at it but it’s a major factor. And yeah I’ll have mine and my wife’s paid off within ten years because we have good jobs. But the reality is the cost of education is rising much quicker than entry level salaries. The original article is trying to analyze is trying to pose why more millenials haven’t saved. That’s a pretty big reason.

The cost dynamics have changed in such a way that many would be much better off with a career in the trades. We have some shortages already and more coming in those areas so they will be ripe with opportunity for very good paying jobs and business opportunities.
 
I’m not talking 1-2%. To properly fund what we do now and then the added programs that some want guys like you and me would be loooking at 20-25% increases. It would
Make a huge dent.

Come on man. Nobody in their right mind is even approaching those types of numbers. Anybody who is telling you that is full of shit.
 
Btw, I don't think millenials are doing as bad as OP's fake news suggests. Most generations don't save well in their 20's and early 30's. That being said, compared to other generations, we actually stack up well. Boomers actually are the worst.

Linked here

From the article:

US millennial parents are on track to be richer in retirement than the typical Gen-Xer or baby boomer with kids.

That's according to a new NerdWallet study, which found employed millennial parents (aged 18 to 34) are contributing a median of 10% of their income to retirement savings.

Generation X (aged 35 to 54) is saving 8% of their income and working baby boomers (55 and older) are socking away just 5%
.
 
We could get back to this type of model if people were ok with lesser facilities, smaller enrollment numbers and a higher hurdle of entry into the college ranks.
All of that is a bit of a fallacy.

You think they didn't have new buildings and "modern" amenities on campus in the 60's, 70's, and 80's? They built new buildings back then that were considered state of the art for that time. Think CHA.

Was the admission to entry that much harder back in the day or did more people just not go to college because they could get good jobs without it? My dad got a job almost straight out of high school at what would be about the equivalent of 45-50k a year today ... at 19 years old. There was less incentive for him to go to school.

The fact is that the growth of the guaranteed federal student loan programs is one of the major catalyst for these skyrocketing college inflationary rates. Unless you are a science denier then I guess you can believe whatever you want.
 
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The state used to fund about 70% of tuition in Iowa (I'm pretty sure I have that correct.) Now that number is much less (I want to say around ~30%).

That means the taxpayers back in the 60's and 70's funded the state schools here in Iowa at a much higher level. The boomers were the generous recipients of that and to show their gratitude said F you to the future generations. How nice of them.


BOOM.
 
The cost dynamics have changed in such a way that many would be much better off with a career in the trades. We have some shortages already and more coming in those areas so they will be ripe with opportunity for very good paying jobs and business opportunities.
I don’t disagree. College isn’t for everyone and HS instructors need to make it known other options are out there.
 
The fact is that the growth of the guaranteed federal student loan programs is one of the major catalyst for these skyrocketing college inflationary rates. Unless you are a science denier the. I guess you can believe whatever you want.


Yep, and who made money off that, like her/she is saying? The same assholes that didn't need education to get there.
 
The fact is that the growth of the guaranteed federal student loan programs is one of the major catalyst for these skyrocketing college inflationary rates. Unless you are a science denier the. I guess you can believe whatever you want.
I'm not denying that. It is certainly a factor. I still think state funding is the biggest factor but yes you make a good point.
 
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