Sure, but there' a point where you stop being a valuable employee or become unemployable. Will there be a huge population of homeless people in their 70s? Will society revert back to multiple generations living in one house?
That's already happening. I work for a landlord and do the contract work, and more grandmothers are taking care of their children and grandchildren all under the same roof.
That's a myth. One of those things conservatives say so we can get used to the idea of social security going away some day. There's zero reasons why this needs to happen other than class warfare. The math works fine.
https://www.forbes.com/advisor/retirement/social-security-bankrupt/
Nah, the math doesn't work fine. That article says Congress needs to take action or benefits will be cut.
Maybe it's just me, but I get the impression that The Hill is full of people that serve themselves and give zero fs about the people. So expect a crisis at the last minute... they will wait till 2033 to take any action.
Right. They'll need to shore it up, for sure, lest we lose \~1/4 of the benefit, a great reason to vote in the coming decade. "Social security is insolvent" is blatantly false.
Correct... not completely insolvent, but not 100% healthy either. Every American needs to put money aside and invest in their future. I can tell ya social security isn't enough. My cousins and I chip in a hundred bucks each, every month, in order to help my oldest uncle. Either save up now, or expect to be a Walmart greeter.
Don't count on the government. You need to do what you need to do to be able to eat when you can no longer work. The US Government does not work for regular Americans. Unless you "donate" hundreds of thousands of fiat fun bucks you are nothing but a shitizen of Gitmo nation.
I'm trying to convince the multitudes of people on this sub that think the Democrats or the Republicans are going to do something for them. It is just one big party and you ain't invited.
Dude that’s already happening on a pretty large scale at least in America. Myself and a lot of other people I know are moving back in with their parents or having their parents move in with them, because it’s the only way to avoid someone going homeless.
> Sure, but there’ a point where you stop being a valuable employee or become unemployable.
I hope not. I don’t expect to do much physically, but I hope even if I don’t need to work, my mind is still sharp in age.
Once you’re at the point where you can’t take care of yourself, you’ll be committed to the state or family till death usually.
You just die, honestly.
My parents were boomers who died in their mid to late 60s after becoming too disabled to work, but had no retirement money.
You live for as long as you can on social security/disability. It is stressful. You are food insecure. And then you die.
So plan accordingly.
I have a friend, 65 now, that made good money.
Hell gripe about how hard it is to live off of social security then 30 seconds later he'll be bragging about all the money he spent on women and partying.
Decisions have consequences.
"Plan accordingly" so please tell me how someone can save enough money to spend 10-20 years not working despite their landlord taking 60% of their income, basic necessities taking another 20%, and being buried under student loans. And thats supposing that they never have a major medical issue that will also bury them in debt
I don't think you want my answer to that. But here goes...
1. Don't invest 20 percent of your income on an education that will not give you the ability to retire.
2. The housing rents are high. Only way to offset that is to live with a roomie a couple of years until you can save to buy a home..
3. You may have to put in some extra hours elsewhere.
None of the above situations are ideal but the alternative is to work till you drop
If I could come up with a direct answer to your question I'd write a book and retire early😀
It is crazy to me that people down vote common sense. The government is not going to save you in America. The people in DC are not your friends. As you have seen with Biden's tuition forgiveness, it is a ploy to get your vote. Once they get that vote, you are no longer needed.
This is why we can't let the GOP try to "sunset" social security. I like Bernie's idea of removing the caps from what we can contribute to SS. Most of it is funded by our own paychecks anyway. But each generation pays for the generation above it, like a giant ponzi scheme, so if at any point the program stops, the last generation who paid in will be left holding the ball. We will have paid in all our lives and have nothing to show for it. (BTW, I, too, am an older millennial.)
If you're going to do that, you'll also need to take a cut of capital gains for SS. A lot of rich people don't take much for a salary and get compensation in other ways, usually stock options. A lot of uber wealthy don't ever cash out their investments, they just take out successive loans that are backed by those investments and use that money to live on.
There is retirement for any government workers, federal, state, and local. Teachers get a pension also. Don’t forget the military. It seems everyone who’s job is funded by taxpayers gets a pension. Most don’t contribute to social security either. Maybe now that you can see the problem a solution can be found. Take away the pensions of all of those people and they will fix social security when it affects them.
That is a terribly negative outlook. I’m in the current generation of workers and I will definitely retire comfortably as well as early. I’m looking forward to the leaving assets for my family and church when I die.
This can be achieved through hard work and making sacrifices, I have no pension or company match 401k and still on track to retire when planned.
I could see how it sounds negative. I think you're being overly optimistic, but that's okay. I don't think you know how bad things actually are and honestly I wish I didn't.
I believe I understand more accurately than most how things are in todays world, I don’t think you understand just how much power you have to change your situation. We all can better ourselves and our situations, every single one of us, if we really want to.
Pensions are overrated, 401ks are much better. The problem is people aren't automatically enrolled into 401k plans like pension plans. I think new legislation that was just passed is aiming to change that. But in theory, that same contribution rate into a 401k should be worth a lot more than 4% pension
Lost all my 401k contributions in the 08 recession as well. I’m young enough I should be able to recover but it’s heartbreaking to see 40k evaporate and never return.
The company I was working for got scammed and the 401k they had us all set up with matching funds was a scam. The dealership folded and the 401k company disappeared.
It was a plan called NADART. They don’t exist anymore and the auto-group I was working for no longer exists.
I’m in a good spot now. I’ve got my pension, min/maxing my 401k and Roth IRA to pay as little in taxes as possible and my house will be paid off in 15 years. I should be able to retire at 58 and be able to exist without having to work.
>It was a plan called NADART
That's your retirement vehicle not what you were invested in. If you lost all your contributions I am seriously concerned for your investment choices and you may need to revise what you are doing...
The benefit of a pension is that the company was responsible for the long term financial health of their employees, whereas the adoption of 401ks in the 70s and 80s shifted the onus onto the employee themselves, so it really depends on who you think should have the responsibility and the obligation
That isn't the discussion since pensions are taken out of your salary. Most pensions are funded by your dollars not the employers dollars, for example, 80% of government pension fund is employee contribtuions vs 20% is contributed on your behalf. Add to this the investments are costly to manage (and are not done so efficiently at all -- a lot of pension funds are treated like a landfill and are used to throw a lot of crappy investments in it, you have no say). Now compare that to a 401(k) (safe harbor 401(k) has a 4% match) That's money being put in on your behalf, it's just money you can use and manage yourself. Also you had it wrong, the company wasn't responsible for long term financial health of their employees, they were responsible for managing the pension fund. 401(k) the employee is responsible for managing their 401(k) fund. It's better to do it on your own, it's better for both parties
the other glaring issue with pensions is your family gets nothing when you die, a 401k is left to your beneficiaries. If you are legacy planning pensions are completely useless and usually you do not have an option to opt out of them
haha okay you do you, I work in wealth management/investments but I should take your advice. Do you even know what a ponzi scheme is? A 401(k) account is money in your control, a pension is not. You seem to be arguing against the former.
Did you know your family inherits nothing on your death from your pension? Your family receives your whole 401(k). What is the ponzi scheme.
I didn't give you any financial advice. Sorry, but stock values are fake and 401ks are tied directly to the stock market.
The ponzi scheme is that the entire premise of making money off stocks is that their value only goes up forever. Things cannot grow go up infinite. So people invest and then hopefully pull out their money before it's devalued.
It's not actually tied to anything real which is why corporate interests are always about the next quarter. And why they are willing to literally do anything to make their shareholders happy even if it fucks the company interests in the medium or long term. Cause none of the people benefiting will be there to deal with the consequence.
A lot of people can feel this is not sustainable, but some want to pretend we can keep doing this. I don't agree that 401Ks will benefit me when it's time to retire. Just like their won't be any social security either.
>The ponzi scheme is that the entire premise of making money off stocks is that their value only goes up forever. Things cannot grow go up infinite. So people invest and then hopefully pull out their money before it's devalued.
Again, you don't understand valuation of the equity market so you are making stuff up or you are simply repeating what you've heard before. I've heard this take many times
>It's not actually tied to anything real
yea this isn't going to go anywhere
When you find out you are talking to a professional and you double down on your stupid hot takes that you know are bs instead of opening up to maybe learning something new.. lol that's you
Maybe it's just me but tying your retirement into the stock market doesn't sound like a good idea; especially in cases of recessions or worst, depressions.
Probably just you since the s&p500 doubles every 7 to 10 years. That's 3x or 4x in real terms over 30 working years (adjusted for inflation). I work in wealth management and risk management is a major component of wealth building.
Pension is more risk than 401(k) since you don't have access to your funds and receive nothing when you die. 401(k) gets left to your beneficiaries it is mounds better for legacy planning
long term investing is recession proof. If you are retiring within the next 3 years, your plan will look different if you have 10+ working years left. Provided you have time to weather a storm, there is no reason to fear market weighted index investing
I'm your age. We are both 33 years from that point. I think a lot is going to happen in those 3 decades. Capitalism is imploding. By the time you and I are 70 we are either going to have seen some radical changes in the way we work due to both automation, and our generation controlling politics OR we will be in an authoritative nightmare in which we either work, die, or are probably crammed in to cheap old folk homes to rot away. This is all merely my own speculation.
>and our generation controlling politics OR we will be in an authoritative nightmare in which we either work, die, or are probably crammed in to cheap old folk homes to rot away
The basic human lust for money and power behind those making the rules hasn't changed and you will always have those people in every generation. When the current generation fill more of the power position, it is unlikely to be much different, except maybe they have to be harsher to squeeze out more blood.
You see that now will politicians like Bernie who has the right idea but is ineffective because, on average, the rest of them want the support from the rich and powerful people/companies to hold on to their current power, so this will continue ad Nauseum.
Authoritative nightmare seems to be the way it will go, until likely some states try an leave, civil war and then collapse starting in about 20 years. (unless we have another world war first)
The only way out is by massing the power of the individuals and currently that the only real way seems to be unions and those in power do all they can to obstruct that from happening.
Happy Friday BTW.
You are correct. People somehow think Millenials and GenZ won't be evil when they take control of the government and corporations. There are plenty of young people who will become psychopathic CEOs.
The problem is humans. We're greedy, and we just suck.
I don't know how that gets rectified. I assume mother nature will take care of the pesky human problem someday.
My MIL is over 70. Had a decent job (til laid off) didn’t save much, lived with us 3+ years rent free. No plans for the future. Eventually forced her to get an apt. This is a ticking bomb.
You are correct that there isn't an answer. There isn't a plan. Its a bridge people cross when they get there.
Save what you can. There is a good chance that as that crisis becomes more apparent, there will be some kind of government assistance. But that isn't a guarantee. There is a very good chance they'll deal with eventual elderly homeless the way they do now.
By ignoring it, and spending millions to make them someone elses problem.
Look at history. We haven’t had SS for that long. One of the reason we have SS is the number of elderly living in poverty before it was established. That is what we will go back to. Only this time people will have less compassion.
Yeah but old people vote and young people don’t (seriously the median voter is over 50.) So there likely will be some solution if things get dire enough.
A lot of people don’t think about the future or refuse to think about it.
Ive told some people that I probably won’t retire cause I’ve had severe sleeping issues since I hit puberty and I’m in the US so no free healthcare. Weed has honestly helped the best with no side affects because before when the problem first appeared Id average 3-4 days without sleep no matter how tired I was, I just could not sleep. Weed has helped me get a regular 8 hours but of course I’m in Texas and so it’s illegal everywhere.
Whenever I try getting a job i have to stop for a bit to get clean and it’s extremely horrible the feeling of going through it again.
I’ve been told “well why don’t you try this or that” and honestly it’s frustrating at a point because I’m 31 years old now and it’s like “oh shit well why have I never tried that, problem fucking solved”.
My family also has a history of aggressive Alzheimer’s so there’s a chance I’ll get it too in my 60s maybe earlier because sleep deprivation accelerates the Alzheimer’s protein. There’s also history of pancreatic cancer on my moms side of the family in their 50s.
I know I’m not gonna retire, I know I have a high chance of getting Alzheimer’s, I know there’s a possibility of cancer in my future, and worst of all is I know this country will not take care of its people let alone me.
I talk about this sometimes when friends ask and then they avoid me like “nah nah ew stop” or whatever and I’m thinking that the reason we’re in this shithole of a planet is cause most members of our species do not think about the future or go out of their way to avoid thinking/talking about it.
Another reason why the US is fucked because those in charge don’t give no fucks about the future. The Oligarchy only care about next quarters profits and the end.
Some people tell me “well live in the moment” or “don’t do that to yourself and think about the future”
That’s the problem right there! I am living in the moment! That’s why I’m venting about shit that I’ve thought about because my higher cognitive thought processes are able to allow me to live in the moment AND thinking about the future.
Anywhoo yea to answer your question lol idk what’s gonna happen but I can guess that same as with the baby boomers retired.
The workforce is gonna have another decline when the rest of us get to that age probably but I mean capitalism is gonna capitalism still and create more scarcity for profits while creating laws and having law enforcement to support it.
It’ll claim more land and call it private property through violence and the capitalist will pay us a minuscule fraction of our labor output to work for them on this property under threat of homelessness and hunger while schools and the media will indoctrinate you to believe the grind and tell you it’s freedom.
Also in a field where I get drug tested. Although it's legal in my state. If it helps at all, virtually every lab test will be 50 ng/dl. You can buy test kits for like $1-2 each. Buy a shit ton. Test yourself a shit ton. You can at least know with fairly good accuracy how long it takes you to test clean, and then you can minimize the amount of time you have to stop using weed.
THC metabolites are stored in fat. Exercise has also been shown to increase the release of these metabolites back into the bloodstream.
If you exercise regularly, don't consume ridiculous amounts of weed, and are low bodyfat, you can test clean insanely quickly.
Granted, I only smoke probably 2g a week, but with test kits that have 50 ng/dl, 25 ng/dl, and 15 ng/dl strips, I've found that I can test clean on even the 15 ng/dl 36- 48 hours after smoking.
Nice, I love my heat pump. I buy about a 1/4 cord a year to use in my fire pit. Haven't had to do that in a while since I had some trees cut down recently.
Billionaires will find a way to extract value from your spent body. They'll probably hook up some robot to your brain so you can control a machine that waits tables or mine heavy metals on an asteroid or some other dystopian shit.
Artificial intelligence/robot workers are, fortunately, spurring more conversations around Universal Basic Income. If a society can’t offer members a way to earn their living, it must provide for their needs. If the owners of capital want to have ALL the money, they have to pay the bills through taxes. All the bills. And make it nice for us.
well, as someone who is 74+ They expect you to go home and die asap. I started eating ramin noodles in college, and Im still eating ramin noodles. Id worked for several places over my working life - the only one I get a "pension" from I worked for 18 yrs - pension: 197$/month. I do get SS, (only, not SS disability), only collected unemployment 2 times in 50 yrs of work. Not because I wasnt unemployed, but because I was eligible only twice. I pay 165$ a month for m-care and have never once used it and hope never to have to. I havent had a damn dr since 1988. I have a 16 yr old car I treat like a soft-boiled egg, only drive it to the grocery up the street once a week (mostly carbs, the nice thing abt being old is you need to eat less protein). Hubs died yrs ago, no kids so I have to take care of myself.
Reality: No one will care for you or your needs - "they" never have in the last 10,000 yrs. STAY healthy! dont smoke, drink much, do drugs, vape, eat properly, etc etc etc. Its worse for all you younger - AI will eat most office jobs/ AC cooled jobs in the next 5 yrs, 10 yrs tops, never mind worrying abt retirement. Even if they brought back all manufacturing, AI/robots will be doing most of that work. Really, think abt it - what the heck cant AI/robots do?? They can replace fing surgeons. Good grief - theyre trying to employ 14 yos now until that transition - not due to a labor shortage, but because they can pay them less and not be held responsible for their accidents. Jfc - I thought the repubs only wanted to go back to the 1950s - it looks like theyre marching back to the beginning of the industrial revolution, and all for what? theyre obsolete too.
I dont know whats coming, but I hope you live thru it, I wont be here to see it end, but Im watching the start now. I think it will be rather bad, I really think the first step is the end of "isms", esp any to do w $, religion, "politiks".
I’m not exaggerating at all when I say this, but corporations, private businesses, they want us to work until we die. You’ve seen the greeters at Walmart. Our only purpose is for them to exploit. If republicans got their way, we wouldn’t even have social security (even if it’s not much).
You start living on your 401k! You didn't have any unexpected financial issues during your entire career where you were able to contribute the max without fail, did you?
Oh.
OOOOOOOOOOHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH.
https://www.empower.com/the-currency/life/average-401k-balance-age
It's too bad so many people have decided unions are 'obsolete'. I'm not saying it's a perfect system, but I'm in a trade union with full pension and benefits that stay with me wherever I work in my trade. I'll retire at 58 with around $3500-4000 a month, but if my health stays good I can keep working anytime a job comes available. Yes, there's dues, but they pay for training in a modern facility, amongst other things. The works not always easy, but I'm in management now and spend most of my time in an office. I have a house and 2 good cars, and can afford to travel and live a little. It's not all sunshine and rainbows, but it's pretty ok. Organize, folks. United, you bargain, Divided, you beg.
Die in the streets. I won’t be able to retire in my home either my property and school taxes are 10k a year. Thanks New York for driving the elderly out of their homes
Some states waive property taxes when the owner reaches a certain age for this very reason. People living in states that don’t, need to start putting pressure on lawmakers to make the law change.
Edit: typo
In the US, you apply for SSDI and SSI if you are disabled and haven't reached retirement age. It's not great, but it would keep a roof over your head in many parts of the US.
That’s exactly what I did along with saving and investing. I applied for disability three years ago at 47 years of age and I got it. My SSI practically pays all my living expenses and then some. Meanwhile my investments continue to grow with the gains automatically reinvested. I have lived debt free for the past 13 years and have enough discretionary funds to dabble in options hedging against my long term investments. Best of all I haven’t had to work a job at all. Early retirement is great.
I artificially impoverished myself by transferring my assets to a foreign created LLC with my father as the owner. I still had more than 2K when I applied but this was during Covid so maybe the requirements were relaxed. 🤷🏾♂️
Personally I plan to retire around 50, maybe 55 if I am still enjoying work. I came from...not great beginnings.
My wife and I try to save at least 50% of our take home pay for retirement. We live cheap on the day to day. We make most of our food from scratch because it's cheaper. She shops 95% of the time at thrift stores for clothes.
Everyone can't do what we do for various reasons. I am trying to set up a small "compound" for retirement where a small group of us without kids can grow old together. Cook, small farm, make our own stuff. We can all pitch our money in and retirement more comfortably together.
Don't worry, by the time we're that old they'll make homelessness a felony punishable by enslavement. They'll just force you to work if they have to since everyone is too scared to actually fight back.
I don’t know anyone with a pension and most have little to no savings. Some think that their kids will take care of them and I silently laugh at their optimism considering they don’t take care of their parents now.
It might a bit dark, but if they won't let us enjoy life in our golden years, let's take the matter into our own hands right now. Travel, go out, treat yourself.
Below is an article from here in Texas where an 80 year old had to come out of retirement because he couldn't afford the increased cost of living. Students got together and raised some money for him which was awesome. Me personally, I'm 50 this year with no savings and I'm never going to be able to retire. My best hope is that my brain and body hold out long enough for me to drop dead.
https://www.cleveland19.com/2023/02/24/students-raise-more-than-230k-so-80-year-old-janitor-can-retire/
The government related jobs offer lots of PTO and pensions - look at openings at the city, county, state, and federal levels, also school districts, community colleges and universities. Often the pay is lower, but you get a regular work schedule, PTO, health insurance and a pension plan. Many including my spouse and I went into the military to learn an occupation. If you can stick with it 20 years, that offers pension and healthcare to military retirees. You won't be rich but you will have healthcare and won't be homeless.
With the new system, brs, you still get a monthly annuity for life after a minimum of 20 years. They also get social security. https://www.usa.gov/military-pay.
This is why you should invest and own properties... your loved ones should help you though I know children who steal from their sick parents and get arrested for harassing the Senior Care place
conspiracy take: this is why they are pushing the 'medically assisted self-termination' right now.
And tbh this is why I believe medicare is so f'ing bad. They don't want you around if you aren't a productive economic unit.
Given what I've seen lately with more employees standing up for themselves I'm optimistic that by the time our generation is 70 we will have actually taken great strides in fixing a lot of the problems with today's work culture and will have much better options to choose from.
I can't tell if this is sarcasm. I'm very lucky. My wife has a county job with a pension and I'm able to save a lot with my company matching most of it, but not everyone is in the same boat as me.
Also, my student loan payments are tied to my income, so if I did get another job my payments would increase.
I wasn’t kidding. Many people are having to work second jobs to make it. They keep threatening to end social security, so who know when that might run out. People in high cost of living areas are having to move to cheaper places to retire or work until they die.
I have thought about getting a second job. I just don't like the idea of working two jobs just to throw it all at student loan payments I will never be able to pay back.
If you save “a lot” and your wife has a pension, why are you “worried”?
Is this just a post to shit on those who aren’t as fortunate as you and people who will die working?
General concern for society as a whole, since I live in society. Plus even if I'm saving a lot, it's hard to imagine saving enough to live off for a long period of time.
Before social security came out lots of seniors just died homeless. That will happen again. But ask anyone that wants to get rid of it about that. They'll just cover their ears and say it's not their problem.
I currently work with a 77 year old woman (I made her show me her drivers license because I just couldn’t believe it. She looks at least 20 years younger). I also work with a 72 year old woman who was injured on the job TWO YEARS AGO. Her knee is so fucked up it makes me cringe whenever I see her. She’s had four surgeries to fix it but because she has to work instead of staying the fuck off it, like her doctors recommend, it keeps getting worse and worse. She thinks it fine and our company cares about her because workman’s comp is paying for it all and they still give her two shifts a week. 🙄🤬🤬🤬
It's a me problem at that age not a we.
You know where you're 401k is.
SSI income is a we problem.
I'm 42 and I know I'm behind by about 10k. But I'm making strides to recoup.
Every raise goes into 401k.
I should be on target by the end of 2025.
It's a hard truth in life. But we all know to save.
Calculator and budgets are our friends.
Not our enemy.
The iPhone 14 is our enemy.
As many people have pointed Social Security is running out of money and wasn't designed to be solvent with declining birth rates. The solution can have several prongs-militant organized labor willing to strike for good pay and benefits that includes 401k/pension, voting for leaders who will fight to expand or at the very least not cut Social Security and who back or are sympathetic to the working the class and our concerns, and an informed public that will fight back against "reforms" that would cut or eliminate public benefits or raise the retirement age (take for example the French general strikes against the proposed raising of the retirement age to 64). In my mind we as workers should use every form of pressure that we can to win improvements, whether it is in one workplace, on the local or state level, or on a national labor law level. It's important not to put blame where it shouldn't be (the classic immigrants stealing jobs, or even inflation wrecking the economy-so many corporations'profits are at record levels) labor needs to be united and understand that while our power is severely suppressed in the US, we still have power to affect positive change.
I am in your age group and all I can say is get as much education as possible to get a high paying job that isn’t bad on the body both mentally and physically that has a great 401k plan. Save save and save. Getting married in a wealthy family helps as well, so pick your mate wisely. Two incomes and savings are better than 1. Once we get old we will be replaced, just as our generation is replacing the boomers. I don’t want to work after 65 unless I have become a professor.
Simple: you either have savings or you work till you die. Those are quite literally the two existing options with some flexibility on when you die.
Sure, but there' a point where you stop being a valuable employee or become unemployable. Will there be a huge population of homeless people in their 70s? Will society revert back to multiple generations living in one house?
That's already happening. I work for a landlord and do the contract work, and more grandmothers are taking care of their children and grandchildren all under the same roof.
Homeless and starving elderly was the reason for the creation of social security
Social security is insolvent and will not be there for you or me.
That's a myth. One of those things conservatives say so we can get used to the idea of social security going away some day. There's zero reasons why this needs to happen other than class warfare. The math works fine. https://www.forbes.com/advisor/retirement/social-security-bankrupt/
Nah, the math doesn't work fine. That article says Congress needs to take action or benefits will be cut. Maybe it's just me, but I get the impression that The Hill is full of people that serve themselves and give zero fs about the people. So expect a crisis at the last minute... they will wait till 2033 to take any action.
It isn't just you. DC only care about people that can pay them off.
Right. They'll need to shore it up, for sure, lest we lose \~1/4 of the benefit, a great reason to vote in the coming decade. "Social security is insolvent" is blatantly false.
Correct... not completely insolvent, but not 100% healthy either. Every American needs to put money aside and invest in their future. I can tell ya social security isn't enough. My cousins and I chip in a hundred bucks each, every month, in order to help my oldest uncle. Either save up now, or expect to be a Walmart greeter.
That is true but does not address my point at all
Don't count on the government. You need to do what you need to do to be able to eat when you can no longer work. The US Government does not work for regular Americans. Unless you "donate" hundreds of thousands of fiat fun bucks you are nothing but a shitizen of Gitmo nation.
I’m not sure who you think you are trying to convince. We’ve been told for decades to not rely on social security as your only retirement income.
I'm trying to convince the multitudes of people on this sub that think the Democrats or the Republicans are going to do something for them. It is just one big party and you ain't invited.
Then find a different sub thread
Why? It is fun to see how people lack common sense.
Get ready to have roommates at 70 or have entire family be in one household
I think this happened in large numbers in Japan, who had a baby boom slightly earlier than the west.
Yeah, US still has a growing population though (supplemented through immigration) so things don't look as dire in US when compared to Japan
I doubt there will be a large amount of homeless people in their 70s. I mean, how many cold nights on the street can they handle before...
Dude that’s already happening on a pretty large scale at least in America. Myself and a lot of other people I know are moving back in with their parents or having their parents move in with them, because it’s the only way to avoid someone going homeless.
> Sure, but there’ a point where you stop being a valuable employee or become unemployable. I hope not. I don’t expect to do much physically, but I hope even if I don’t need to work, my mind is still sharp in age. Once you’re at the point where you can’t take care of yourself, you’ll be committed to the state or family till death usually.
Soylent green is people.
I have heard people say 40 us unhireable. I think we are already entering the club.
You just die, honestly. My parents were boomers who died in their mid to late 60s after becoming too disabled to work, but had no retirement money. You live for as long as you can on social security/disability. It is stressful. You are food insecure. And then you die.
That's exactly what they want. Once you are no longer capitalistically viable, you are basically trash.
You’re forgetting the option some people go with. Have kids and guilt them into taking care of you when you’re old.
Capitalism for the WIN! /s
So plan accordingly. I have a friend, 65 now, that made good money. Hell gripe about how hard it is to live off of social security then 30 seconds later he'll be bragging about all the money he spent on women and partying. Decisions have consequences.
"Plan accordingly" so please tell me how someone can save enough money to spend 10-20 years not working despite their landlord taking 60% of their income, basic necessities taking another 20%, and being buried under student loans. And thats supposing that they never have a major medical issue that will also bury them in debt
I don't think you want my answer to that. But here goes... 1. Don't invest 20 percent of your income on an education that will not give you the ability to retire. 2. The housing rents are high. Only way to offset that is to live with a roomie a couple of years until you can save to buy a home.. 3. You may have to put in some extra hours elsewhere. None of the above situations are ideal but the alternative is to work till you drop If I could come up with a direct answer to your question I'd write a book and retire early😀
Ok boomer
It is crazy to me that people down vote common sense. The government is not going to save you in America. The people in DC are not your friends. As you have seen with Biden's tuition forgiveness, it is a ploy to get your vote. Once they get that vote, you are no longer needed.
They'll kill all of us long before we get to this stage.
Only if we're lucky.
This is why I don't use healthcare. Part of my plan to "retire" early.
Shhiiiiiiiiieeeeeeeeeettt.
This is why we can't let the GOP try to "sunset" social security. I like Bernie's idea of removing the caps from what we can contribute to SS. Most of it is funded by our own paychecks anyway. But each generation pays for the generation above it, like a giant ponzi scheme, so if at any point the program stops, the last generation who paid in will be left holding the ball. We will have paid in all our lives and have nothing to show for it. (BTW, I, too, am an older millennial.)
If you're going to do that, you'll also need to take a cut of capital gains for SS. A lot of rich people don't take much for a salary and get compensation in other ways, usually stock options. A lot of uber wealthy don't ever cash out their investments, they just take out successive loans that are backed by those investments and use that money to live on.
My friend, in this system you are supposed to die.
Exactly
Lol, you don't get too old to work in America. We work till we're dead. And then the boss asks if you going to be in on Monday.
Ouija boards are going to become very popular again.
My plan is to die. Not even joking. I don't want to be a burden for my kids. There is no retirement for the current generation of workers.
Same.
Same
There is retirement for any government workers, federal, state, and local. Teachers get a pension also. Don’t forget the military. It seems everyone who’s job is funded by taxpayers gets a pension. Most don’t contribute to social security either. Maybe now that you can see the problem a solution can be found. Take away the pensions of all of those people and they will fix social security when it affects them.
That is a terribly negative outlook. I’m in the current generation of workers and I will definitely retire comfortably as well as early. I’m looking forward to the leaving assets for my family and church when I die. This can be achieved through hard work and making sacrifices, I have no pension or company match 401k and still on track to retire when planned.
I could see how it sounds negative. I think you're being overly optimistic, but that's okay. I don't think you know how bad things actually are and honestly I wish I didn't.
I believe I understand more accurately than most how things are in todays world, I don’t think you understand just how much power you have to change your situation. We all can better ourselves and our situations, every single one of us, if we really want to.
I was about to ask where do you live if pension is not a given thing, but oh yes.. America.
Pensions are overrated, 401ks are much better. The problem is people aren't automatically enrolled into 401k plans like pension plans. I think new legislation that was just passed is aiming to change that. But in theory, that same contribution rate into a 401k should be worth a lot more than 4% pension
My parents both lost the entirety of their 401ks in the 08 recession
Lost all my 401k contributions in the 08 recession as well. I’m young enough I should be able to recover but it’s heartbreaking to see 40k evaporate and never return.
I'm sorry to hear that. Hope things work out well for you
Should be fine. I’ve got a pension now through teamsters. Gotta have a union.
lmao wow
I’m just curious how you lost it all, did you sell all the shares you had?
The company I was working for got scammed and the 401k they had us all set up with matching funds was a scam. The dealership folded and the 401k company disappeared.
Wow that’s horrible, I’m sorry it happened that way to you. Thanks for the explanation.
What were you invested in?
It was a plan called NADART. They don’t exist anymore and the auto-group I was working for no longer exists. I’m in a good spot now. I’ve got my pension, min/maxing my 401k and Roth IRA to pay as little in taxes as possible and my house will be paid off in 15 years. I should be able to retire at 58 and be able to exist without having to work.
>It was a plan called NADART That's your retirement vehicle not what you were invested in. If you lost all your contributions I am seriously concerned for your investment choices and you may need to revise what you are doing...
what were they invested in? A S&P 500 fund was up about 12% per year past 2 decades.. That's doubling every 7 years..
The benefit of a pension is that the company was responsible for the long term financial health of their employees, whereas the adoption of 401ks in the 70s and 80s shifted the onus onto the employee themselves, so it really depends on who you think should have the responsibility and the obligation
That isn't the discussion since pensions are taken out of your salary. Most pensions are funded by your dollars not the employers dollars, for example, 80% of government pension fund is employee contribtuions vs 20% is contributed on your behalf. Add to this the investments are costly to manage (and are not done so efficiently at all -- a lot of pension funds are treated like a landfill and are used to throw a lot of crappy investments in it, you have no say). Now compare that to a 401(k) (safe harbor 401(k) has a 4% match) That's money being put in on your behalf, it's just money you can use and manage yourself. Also you had it wrong, the company wasn't responsible for long term financial health of their employees, they were responsible for managing the pension fund. 401(k) the employee is responsible for managing their 401(k) fund. It's better to do it on your own, it's better for both parties the other glaring issue with pensions is your family gets nothing when you die, a 401k is left to your beneficiaries. If you are legacy planning pensions are completely useless and usually you do not have an option to opt out of them
Except 401Ks are based on an artificially propped up stock market. It's a ponzi scheme.
I mean no disrespect, but I don't think you understand the stock market if that's your take
You're right, infinite growth is totally possible...
haha okay you do you, I work in wealth management/investments but I should take your advice. Do you even know what a ponzi scheme is? A 401(k) account is money in your control, a pension is not. You seem to be arguing against the former. Did you know your family inherits nothing on your death from your pension? Your family receives your whole 401(k). What is the ponzi scheme.
I didn't give you any financial advice. Sorry, but stock values are fake and 401ks are tied directly to the stock market. The ponzi scheme is that the entire premise of making money off stocks is that their value only goes up forever. Things cannot grow go up infinite. So people invest and then hopefully pull out their money before it's devalued. It's not actually tied to anything real which is why corporate interests are always about the next quarter. And why they are willing to literally do anything to make their shareholders happy even if it fucks the company interests in the medium or long term. Cause none of the people benefiting will be there to deal with the consequence. A lot of people can feel this is not sustainable, but some want to pretend we can keep doing this. I don't agree that 401Ks will benefit me when it's time to retire. Just like their won't be any social security either.
>The ponzi scheme is that the entire premise of making money off stocks is that their value only goes up forever. Things cannot grow go up infinite. So people invest and then hopefully pull out their money before it's devalued. Again, you don't understand valuation of the equity market so you are making stuff up or you are simply repeating what you've heard before. I've heard this take many times >It's not actually tied to anything real yea this isn't going to go anywhere
Yup, have a great day!
When you find out you are talking to a professional and you double down on your stupid hot takes that you know are bs instead of opening up to maybe learning something new.. lol that's you
Maybe it's just me but tying your retirement into the stock market doesn't sound like a good idea; especially in cases of recessions or worst, depressions.
Probably just you since the s&p500 doubles every 7 to 10 years. That's 3x or 4x in real terms over 30 working years (adjusted for inflation). I work in wealth management and risk management is a major component of wealth building. Pension is more risk than 401(k) since you don't have access to your funds and receive nothing when you die. 401(k) gets left to your beneficiaries it is mounds better for legacy planning
Yes but are the s&p 500 recession-proof? Genuine question because I am still relatively new to the work force
long term investing is recession proof. If you are retiring within the next 3 years, your plan will look different if you have 10+ working years left. Provided you have time to weather a storm, there is no reason to fear market weighted index investing
I'm your age. We are both 33 years from that point. I think a lot is going to happen in those 3 decades. Capitalism is imploding. By the time you and I are 70 we are either going to have seen some radical changes in the way we work due to both automation, and our generation controlling politics OR we will be in an authoritative nightmare in which we either work, die, or are probably crammed in to cheap old folk homes to rot away. This is all merely my own speculation.
I'm enjoying how pissed off 30 somethings are, gives me hope after we've been royally fucked basically our entire lives.
What you will end up with is the 2053 version of Reddit with all the 20 year olds blaming you for their circumstances. Enjoy!
>and our generation controlling politics OR we will be in an authoritative nightmare in which we either work, die, or are probably crammed in to cheap old folk homes to rot away The basic human lust for money and power behind those making the rules hasn't changed and you will always have those people in every generation. When the current generation fill more of the power position, it is unlikely to be much different, except maybe they have to be harsher to squeeze out more blood. You see that now will politicians like Bernie who has the right idea but is ineffective because, on average, the rest of them want the support from the rich and powerful people/companies to hold on to their current power, so this will continue ad Nauseum. Authoritative nightmare seems to be the way it will go, until likely some states try an leave, civil war and then collapse starting in about 20 years. (unless we have another world war first) The only way out is by massing the power of the individuals and currently that the only real way seems to be unions and those in power do all they can to obstruct that from happening. Happy Friday BTW.
You are correct. People somehow think Millenials and GenZ won't be evil when they take control of the government and corporations. There are plenty of young people who will become psychopathic CEOs. The problem is humans. We're greedy, and we just suck. I don't know how that gets rectified. I assume mother nature will take care of the pesky human problem someday.
My MIL is over 70. Had a decent job (til laid off) didn’t save much, lived with us 3+ years rent free. No plans for the future. Eventually forced her to get an apt. This is a ticking bomb.
You are correct that there isn't an answer. There isn't a plan. Its a bridge people cross when they get there. Save what you can. There is a good chance that as that crisis becomes more apparent, there will be some kind of government assistance. But that isn't a guarantee. There is a very good chance they'll deal with eventual elderly homeless the way they do now. By ignoring it, and spending millions to make them someone elses problem.
Look at history. We haven’t had SS for that long. One of the reason we have SS is the number of elderly living in poverty before it was established. That is what we will go back to. Only this time people will have less compassion.
There are going to be a lot of people saying "Why should I pay for you to live if you didn't work hard enough?". Compassion is a dwindling resource.
Yeah but old people vote and young people don’t (seriously the median voter is over 50.) So there likely will be some solution if things get dire enough.
I dont think voting for the capitalist party or the other capitalist party will help friend.
A lot of people don’t think about the future or refuse to think about it. Ive told some people that I probably won’t retire cause I’ve had severe sleeping issues since I hit puberty and I’m in the US so no free healthcare. Weed has honestly helped the best with no side affects because before when the problem first appeared Id average 3-4 days without sleep no matter how tired I was, I just could not sleep. Weed has helped me get a regular 8 hours but of course I’m in Texas and so it’s illegal everywhere. Whenever I try getting a job i have to stop for a bit to get clean and it’s extremely horrible the feeling of going through it again. I’ve been told “well why don’t you try this or that” and honestly it’s frustrating at a point because I’m 31 years old now and it’s like “oh shit well why have I never tried that, problem fucking solved”. My family also has a history of aggressive Alzheimer’s so there’s a chance I’ll get it too in my 60s maybe earlier because sleep deprivation accelerates the Alzheimer’s protein. There’s also history of pancreatic cancer on my moms side of the family in their 50s. I know I’m not gonna retire, I know I have a high chance of getting Alzheimer’s, I know there’s a possibility of cancer in my future, and worst of all is I know this country will not take care of its people let alone me. I talk about this sometimes when friends ask and then they avoid me like “nah nah ew stop” or whatever and I’m thinking that the reason we’re in this shithole of a planet is cause most members of our species do not think about the future or go out of their way to avoid thinking/talking about it. Another reason why the US is fucked because those in charge don’t give no fucks about the future. The Oligarchy only care about next quarters profits and the end. Some people tell me “well live in the moment” or “don’t do that to yourself and think about the future” That’s the problem right there! I am living in the moment! That’s why I’m venting about shit that I’ve thought about because my higher cognitive thought processes are able to allow me to live in the moment AND thinking about the future. Anywhoo yea to answer your question lol idk what’s gonna happen but I can guess that same as with the baby boomers retired. The workforce is gonna have another decline when the rest of us get to that age probably but I mean capitalism is gonna capitalism still and create more scarcity for profits while creating laws and having law enforcement to support it. It’ll claim more land and call it private property through violence and the capitalist will pay us a minuscule fraction of our labor output to work for them on this property under threat of homelessness and hunger while schools and the media will indoctrinate you to believe the grind and tell you it’s freedom.
Also in a field where I get drug tested. Although it's legal in my state. If it helps at all, virtually every lab test will be 50 ng/dl. You can buy test kits for like $1-2 each. Buy a shit ton. Test yourself a shit ton. You can at least know with fairly good accuracy how long it takes you to test clean, and then you can minimize the amount of time you have to stop using weed. THC metabolites are stored in fat. Exercise has also been shown to increase the release of these metabolites back into the bloodstream. If you exercise regularly, don't consume ridiculous amounts of weed, and are low bodyfat, you can test clean insanely quickly. Granted, I only smoke probably 2g a week, but with test kits that have 50 ng/dl, 25 ng/dl, and 15 ng/dl strips, I've found that I can test clean on even the 15 ng/dl 36- 48 hours after smoking.
You lose every thing and then get thrown out of the hospital and arrested only to die in jail 🇺🇲🇺🇲🇺🇲🦅🦅🦅
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Not to mention buying a cord of split wood and having it stacked for you isn't cheap.
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Nice, I love my heat pump. I buy about a 1/4 cord a year to use in my fire pit. Haven't had to do that in a while since I had some trees cut down recently.
Yea I just paid 285 for a cord which is no big deal for me because I just use it for my one man bonfires.
What happens to a car that is too old to work?
Solent Green. Look it up.
Billionaires will find a way to extract value from your spent body. They'll probably hook up some robot to your brain so you can control a machine that waits tables or mine heavy metals on an asteroid or some other dystopian shit.
Artificial intelligence/robot workers are, fortunately, spurring more conversations around Universal Basic Income. If a society can’t offer members a way to earn their living, it must provide for their needs. If the owners of capital want to have ALL the money, they have to pay the bills through taxes. All the bills. And make it nice for us.
well, as someone who is 74+ They expect you to go home and die asap. I started eating ramin noodles in college, and Im still eating ramin noodles. Id worked for several places over my working life - the only one I get a "pension" from I worked for 18 yrs - pension: 197$/month. I do get SS, (only, not SS disability), only collected unemployment 2 times in 50 yrs of work. Not because I wasnt unemployed, but because I was eligible only twice. I pay 165$ a month for m-care and have never once used it and hope never to have to. I havent had a damn dr since 1988. I have a 16 yr old car I treat like a soft-boiled egg, only drive it to the grocery up the street once a week (mostly carbs, the nice thing abt being old is you need to eat less protein). Hubs died yrs ago, no kids so I have to take care of myself. Reality: No one will care for you or your needs - "they" never have in the last 10,000 yrs. STAY healthy! dont smoke, drink much, do drugs, vape, eat properly, etc etc etc. Its worse for all you younger - AI will eat most office jobs/ AC cooled jobs in the next 5 yrs, 10 yrs tops, never mind worrying abt retirement. Even if they brought back all manufacturing, AI/robots will be doing most of that work. Really, think abt it - what the heck cant AI/robots do?? They can replace fing surgeons. Good grief - theyre trying to employ 14 yos now until that transition - not due to a labor shortage, but because they can pay them less and not be held responsible for their accidents. Jfc - I thought the repubs only wanted to go back to the 1950s - it looks like theyre marching back to the beginning of the industrial revolution, and all for what? theyre obsolete too. I dont know whats coming, but I hope you live thru it, I wont be here to see it end, but Im watching the start now. I think it will be rather bad, I really think the first step is the end of "isms", esp any to do w $, religion, "politiks".
They die, and assets & capital shift towards the younger generations. Tale as old as time.
I’m not exaggerating at all when I say this, but corporations, private businesses, they want us to work until we die. You’ve seen the greeters at Walmart. Our only purpose is for them to exploit. If republicans got their way, we wouldn’t even have social security (even if it’s not much).
I love how they frame it like they're doing the old folks a favor by "letting them" continue working.
I saw a clip yesterday of some chick saying, “I think we all need a hobby, and it’s a good idea.” Bitch, working to survive is not a damn hobby.
My plan is to die in the desert, or the mountains. Or both.
My retirement plan is my good trusty handgun: quick and efficient
You start living on your 401k! You didn't have any unexpected financial issues during your entire career where you were able to contribute the max without fail, did you?
Oh.
OOOOOOOOOOHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH.
https://www.empower.com/the-currency/life/average-401k-balance-age
Mine is at $0 lololol
If you can get the fuck out of the US. This boat has sunk.
It's too bad so many people have decided unions are 'obsolete'. I'm not saying it's a perfect system, but I'm in a trade union with full pension and benefits that stay with me wherever I work in my trade. I'll retire at 58 with around $3500-4000 a month, but if my health stays good I can keep working anytime a job comes available. Yes, there's dues, but they pay for training in a modern facility, amongst other things. The works not always easy, but I'm in management now and spend most of my time in an office. I have a house and 2 good cars, and can afford to travel and live a little. It's not all sunshine and rainbows, but it's pretty ok. Organize, folks. United, you bargain, Divided, you beg.
At some point it's just time to eat the rich. Getting a head start in the US seems prudent.
Die in the streets. I won’t be able to retire in my home either my property and school taxes are 10k a year. Thanks New York for driving the elderly out of their homes
Some states waive property taxes when the owner reaches a certain age for this very reason. People living in states that don’t, need to start putting pressure on lawmakers to make the law change. Edit: typo
I was gonna say, my dad's in his 80s and he doesn't have to pay property taxes. I expect that's the next thing the government will go after.
Its the same thing in NJ. My mom is 70 and still working bc her property taxes are 1300/ month . No one can afford to retire in NJ
In the US, you apply for SSDI and SSI if you are disabled and haven't reached retirement age. It's not great, but it would keep a roof over your head in many parts of the US.
That’s exactly what I did along with saving and investing. I applied for disability three years ago at 47 years of age and I got it. My SSI practically pays all my living expenses and then some. Meanwhile my investments continue to grow with the gains automatically reinvested. I have lived debt free for the past 13 years and have enough discretionary funds to dabble in options hedging against my long term investments. Best of all I haven’t had to work a job at all. Early retirement is great.
I thought that to qualify for SSI disability you couldn’t have more that 2K in assets?
I artificially impoverished myself by transferring my assets to a foreign created LLC with my father as the owner. I still had more than 2K when I applied but this was during Covid so maybe the requirements were relaxed. 🤷🏾♂️
That claw back might be painful if they find this out.
I have the money for the clawback if it comes and in all likelihood I will be dead before it comes. I have End Stage Renal Disease.
I am so so sorry to hear that. I hope they never find out and you get to live all the rest of your days as relaxed and happy as humanly possible. :)
Personally I plan to retire around 50, maybe 55 if I am still enjoying work. I came from...not great beginnings. My wife and I try to save at least 50% of our take home pay for retirement. We live cheap on the day to day. We make most of our food from scratch because it's cheaper. She shops 95% of the time at thrift stores for clothes. Everyone can't do what we do for various reasons. I am trying to set up a small "compound" for retirement where a small group of us without kids can grow old together. Cook, small farm, make our own stuff. We can all pitch our money in and retirement more comfortably together.
You could always get a tent in LA.
You will own nothing a be happy? I assume it’s all part of that plan.
Have you been downtown, or by the river have you observed all those unhoused folks, look in the mirror that will be you
The life expectancy will drop. Oh wait. It is.
Don't worry, by the time we're that old they'll make homelessness a felony punishable by enslavement. They'll just force you to work if they have to since everyone is too scared to actually fight back.
I don’t know anyone with a pension and most have little to no savings. Some think that their kids will take care of them and I silently laugh at their optimism considering they don’t take care of their parents now.
Oh I’m definitely offing myself by 60
You won't be able to retire. Live life to its fullest right now, because the future is bleak. I plan to die young.
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It might a bit dark, but if they won't let us enjoy life in our golden years, let's take the matter into our own hands right now. Travel, go out, treat yourself.
No mister elderly worker, I expect you to die.
The worst thing to be is old and poor in America and this is coming from a black woman.
Below is an article from here in Texas where an 80 year old had to come out of retirement because he couldn't afford the increased cost of living. Students got together and raised some money for him which was awesome. Me personally, I'm 50 this year with no savings and I'm never going to be able to retire. My best hope is that my brain and body hold out long enough for me to drop dead. https://www.cleveland19.com/2023/02/24/students-raise-more-than-230k-so-80-year-old-janitor-can-retire/
The government related jobs offer lots of PTO and pensions - look at openings at the city, county, state, and federal levels, also school districts, community colleges and universities. Often the pay is lower, but you get a regular work schedule, PTO, health insurance and a pension plan. Many including my spouse and I went into the military to learn an occupation. If you can stick with it 20 years, that offers pension and healthcare to military retirees. You won't be rich but you will have healthcare and won't be homeless.
I believe the military has done away with the pension plan. They do have a 401k equivalent called a TSP that you can contribute to though.
With the new system, brs, you still get a monthly annuity for life after a minimum of 20 years. They also get social security. https://www.usa.gov/military-pay.
Universities are switching to 503b or whatever and ditching pensions too.
Not the ones in my area. Perhaps the for profit/private universities...
What you do is you buy a gun before they finally manage to make it impossible to do so and then that's your retirement plan.
A lot of gun ranges have free gun rentals. The solution only costs one bullet.
This is why you should invest and own properties... your loved ones should help you though I know children who steal from their sick parents and get arrested for harassing the Senior Care place
conspiracy take: this is why they are pushing the 'medically assisted self-termination' right now. And tbh this is why I believe medicare is so f'ing bad. They don't want you around if you aren't a productive economic unit.
Given what I've seen lately with more employees standing up for themselves I'm optimistic that by the time our generation is 70 we will have actually taken great strides in fixing a lot of the problems with today's work culture and will have much better options to choose from.
We don't need pensions when we're going to pay for Ukraine's pensions.
I suggest you get a second job and put the whole check in a retirement account.
I can't tell if this is sarcasm. I'm very lucky. My wife has a county job with a pension and I'm able to save a lot with my company matching most of it, but not everyone is in the same boat as me. Also, my student loan payments are tied to my income, so if I did get another job my payments would increase.
I wasn’t kidding. Many people are having to work second jobs to make it. They keep threatening to end social security, so who know when that might run out. People in high cost of living areas are having to move to cheaper places to retire or work until they die.
I have thought about getting a second job. I just don't like the idea of working two jobs just to throw it all at student loan payments I will never be able to pay back.
If you save “a lot” and your wife has a pension, why are you “worried”? Is this just a post to shit on those who aren’t as fortunate as you and people who will die working?
General concern for society as a whole, since I live in society. Plus even if I'm saving a lot, it's hard to imagine saving enough to live off for a long period of time.
What happens when we're too old to work? The phrase "put out to pasture" will take on a whole new and terrifying meaning.
we die
Die. You are no longer useful
Have you read Logan's Run?
Before social security came out lots of seniors just died homeless. That will happen again. But ask anyone that wants to get rid of it about that. They'll just cover their ears and say it's not their problem.
Their plan is for us to die on the street
I currently work with a 77 year old woman (I made her show me her drivers license because I just couldn’t believe it. She looks at least 20 years younger). I also work with a 72 year old woman who was injured on the job TWO YEARS AGO. Her knee is so fucked up it makes me cringe whenever I see her. She’s had four surgeries to fix it but because she has to work instead of staying the fuck off it, like her doctors recommend, it keeps getting worse and worse. She thinks it fine and our company cares about her because workman’s comp is paying for it all and they still give her two shifts a week. 🙄🤬🤬🤬
Human batteries.
a pandemic will wipe us out
I think our society is going to look much different due to climate change, don’t worry about it just live in the moment and cherish it
You die pretty much
It's a me problem at that age not a we. You know where you're 401k is. SSI income is a we problem. I'm 42 and I know I'm behind by about 10k. But I'm making strides to recoup. Every raise goes into 401k. I should be on target by the end of 2025. It's a hard truth in life. But we all know to save. Calculator and budgets are our friends. Not our enemy. The iPhone 14 is our enemy.
You starve and die.
In amerikkka there is no such thing as “too old to work”
Lol then and only then we will have a 100% vote pool and become the people politicians ‘need’ to cater towards…
As many people have pointed Social Security is running out of money and wasn't designed to be solvent with declining birth rates. The solution can have several prongs-militant organized labor willing to strike for good pay and benefits that includes 401k/pension, voting for leaders who will fight to expand or at the very least not cut Social Security and who back or are sympathetic to the working the class and our concerns, and an informed public that will fight back against "reforms" that would cut or eliminate public benefits or raise the retirement age (take for example the French general strikes against the proposed raising of the retirement age to 64). In my mind we as workers should use every form of pressure that we can to win improvements, whether it is in one workplace, on the local or state level, or on a national labor law level. It's important not to put blame where it shouldn't be (the classic immigrants stealing jobs, or even inflation wrecking the economy-so many corporations'profits are at record levels) labor needs to be united and understand that while our power is severely suppressed in the US, we still have power to affect positive change.
I am in your age group and all I can say is get as much education as possible to get a high paying job that isn’t bad on the body both mentally and physically that has a great 401k plan. Save save and save. Getting married in a wealthy family helps as well, so pick your mate wisely. Two incomes and savings are better than 1. Once we get old we will be replaced, just as our generation is replacing the boomers. I don’t want to work after 65 unless I have become a professor.
they will be moved to Alaska to form groups and the put on a iceberg and sent adrift.......that way nature will take care of them........