A scary number of Gen Xers plan to retire in their kids' basements
A survey reveals that 55-year-old Americans have typically saved less than $50,000 for their pension - far below the $446,565 that's recommended at this stage.
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I'd not call this a sound plan
- Thread starter Gunfighter14e2
- Start date
But they all have granite counter tops, at least one 80k vehicle, take vacations away from the house every year and eat out frequently
From the article:
“Caroline Feeney, CEO of Prudential's US Businesses, said many 55-year-old women had 'especially precarious' finances as they entered the 'critical 10-year countdown to retirement.'”
They talk a lot about women in this article; single women in their mid 50’s I’m sure that have taken some poor guy for half or more of their past earnings and accumulated wealth, then squandered it “living their best life EVER”. Over 65% of divorced women end up living below the poverty level because they are greedy entitle bitches and notoriously awful at properly managing money. Serves them right. If they had stuck with the men in their lives instead of buying into the lie that there’s a perfect man out there they need to find, they would be in a much better position.
It also blames this in part on major financial shocks from the dot com bust and plandemic; why they didn’t throw the mortgage securities bust in there I’m not sure. To me those were buying opportunities.
I will have to say, I’m certain a large percentage of those people have housed their kids way past when then should have, so I guess turn a bout is fair play.
Something in my gut tells me those of us who have been responsible will end up footing the bill for those who haven’t been so they can continue their entitle lifestyle……..
Ok, I’ll stop thinking out loud now.
“Caroline Feeney, CEO of Prudential's US Businesses, said many 55-year-old women had 'especially precarious' finances as they entered the 'critical 10-year countdown to retirement.'”
They talk a lot about women in this article; single women in their mid 50’s I’m sure that have taken some poor guy for half or more of their past earnings and accumulated wealth, then squandered it “living their best life EVER”. Over 65% of divorced women end up living below the poverty level because they are greedy entitle bitches and notoriously awful at properly managing money. Serves them right. If they had stuck with the men in their lives instead of buying into the lie that there’s a perfect man out there they need to find, they would be in a much better position.
It also blames this in part on major financial shocks from the dot com bust and plandemic; why they didn’t throw the mortgage securities bust in there I’m not sure. To me those were buying opportunities.
I will have to say, I’m certain a large percentage of those people have housed their kids way past when then should have, so I guess turn a bout is fair play.
Something in my gut tells me those of us who have been responsible will end up footing the bill for those who haven’t been so they can continue their entitle lifestyle……..
Ok, I’ll stop thinking out loud now.
If a Gen Xer doesn't have any savings for retirement they were a moron. As an X we still had company matched 401K's, some still had some semblance of a company pension and the stock market has done well over the course of our career. As @oneshot86 said, I would bet that a large number of broke Xer's pissed away their money on trivial shit.
Honestly why should we be responsible? I'm not in that age group yet but I see our government throwing us so deep in debt the only possible way out is to steal the wealth of its citizens. It's not like this is a place of personal independence and responsibility anymore.
Nothing wrong with nice things, but I don't go spending money on nice things until all the basics are covered
Yeah, but you are paying for everybody else, illegals, welfare fraud.. everything.. Then the government will default on the currency/debt and everybody is fucked. Enjoy it while you can... No way this shit doesn't fly off a cliff soon.
My guess is lots of got's to have now, and look at me shit is/was involved. Then again thinking for ones self is a lost art, when you are being inundated by ad's saying, if you want to be like XX you need to own or buy Z Now. Sucking up a 50cent cup of coffee is not near as rewarding as how do I look sucking on this 5 buck + cup of Gucci.
Anyone my age that don't have money is either lazy, in jail or plain stupid. There is SO much money out there ready to be scooped up it's crazy. I can't imagine a section of time, that has had as much earning potential as from the 80s till now. The only thing stopping someone was them self
I had a guy call me easy money one time, at a party my mom and dad were having. But, I got there late and was in my dirty work cloths. He said, man, I'd like to know how you do it, blah blah blah. I looked at him and said it's fuckin easy, go to work everyday, I worked today and you didn't.
I don't care.
I'll always be happy, clean, with a semi full belly. I just know how to survive . If I have to put a black hat on to survive, I will, prefer not to, but I really don't give a fuck
Some of us kicked them out of the nest. If they stay in the nest, they will never learn to fly.
What the fuck are we Joe? The Pepsi generation? Lol
For anyone that doesn't know our illustrious Oneshot, he's one hard working mofo.
Back problems, fuck that. He's working.
A bad cold, the flu, diarrhea fuck that too. He's working.
A day off? Fuck that, he'll rest when he's dead.
Hats off to you brother!!!
WTF?
That is a six figure job.
"She has given up on saving???"
So her pic on her linked in page - she does not look 55. The article does not say how old she is. She started college in 1999, so she is probably born in 1980? Barely Gen X.
She is maybe 44?
Dave Ramsey Investment calculator says $2000 month until she is 67 at 10% is $2,150,857.
We need YOU to write these articles for the Daily Mail!
I am with you
I have several friends and coworkers that need to sit down with you and listen
Hey now. I'm Gen X and we have granite counter tops and just recently put an 80k vehicle in the garage a few months ago. But granite is so Gen X, everyone now wants Quartz counters
I'd say we take vacations every other year though and hardly ever eat out.
If my "plan" was to live in my kids spare room, then in reality, I'd probably be homeless. LOL.
I'm glad I've been putting in to my 401k for the past 30+ years along with Roths, CDs, precious metals, etc.
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They can call me whatever the fuck they want.
My Daddy told me a secret when I was young. He told me that nothing in life is free. If I inherited everything when he died, it wasn't free, someone worked for it.
He also told me I would work till I die, and so far he isn't wrong. I'm retired, and I still work. Work is all around us.
I tried to tell my kids these words of wisdom. A baby boomer had a dido duck fit over me giving my daughters that advice. Unfortunately it was a maternal grandmother, their paternal grandmother was born in '34 and had seen the realities of our world.
I had a great childhood, I could have been almost anything but decided to work for a living like my father, with an advantage he didn't have, an education.
Before I was 19 I had a job with benefits and a retirement. My children could have had that, but their father was stupid. They had plenty of people advising them they needed to follow their dreams in perpetude, as a student.
"You should want better for your kids."
Fuck you, Sometimes, its ok to provide your children with the childhood you had.
The reason they have no future, is because someone convinced them that the past is evil.
I agree.
It's easier to convince someone to be lazy vs swing that big hammer no one wants to swing.
It's easier to go out and accept revolving debt vs making money prior to purchase.
I like my way better. We easily could retire now but damn I enjoy being at the top of the food chain with no debt above me
I cannot tell you how many people my age have told me "I cannot afford to save". When I quizzed them about their spending they were throwing money out the window as fast as they could. They talked themselves out of being able to spare $100 a month to start the process of saving. We are truly our own worst enemy.
Nope, that is Y or Z. Most X's left home pretty quickly after HS of college.
AND get an annual 10% return. It is surprising how many people investing their own money cannot get 10% return in a good market.
You do not have to get a 10% return to grow your money and become wealthy, but it also isn't that hard to get on average if you can stomach the down years.
My parents panicked and sold everything at the bottom during a downturn and turned to a high priced commission salesman who sold them an annuity.
They did not tell me for years. When I found out, I was angry, of course, but sad. It drastically affected their retirement years in a negative way. I tried to stay calm, pulled up the mutual fund price on that day on my laptop, and calculated what the current value of that would have been. My mother is still alive, and that was a half million dollar mistake at this point, now paying out a tiny little annuity.
When I showed them, my mother, still, years later, with a sense of panic in her voice, said, "But we could have lost everything!"
It was very difficult to explain to my mother that a broadly based mutual fund cannot "lose everything" outside of some world ending calamity, in which case your stock portfolio will not matter.
I blame myself for not realizing their tolerance for risk and advising them to put a high percentage into bonds, but, ugh, did you see the return on bonds from the turn of the century until interest rates went up?
Anyway, I digress. Back on point. 10.64% is the 100 year annual return of the S&P 500. That does not mean that the next 100 years will also be the same, but it does underscore my point that 10% is not so difficult to hit. Just plunk your money every paycheck into a low cost index fund or ETF (like VFIAX or VOO) consistently and on schedule. The market goes down, good! You are buying cheaper! That's the "buy low" part of buy low, sell high. That is the time to buy everything you can afford, not sell or sit it out.
VFIAX has an expense ratio of 0.04% v. an average of 0.78% for similar funds.
VFIAX has a 5 year return of 15.00%
The one year is 24.51%, but such short term returns matter nothing to our discussion here. Just put the money in there on autopilot. Have it automatically go out of your account and in there, for years, decades.
And kick your HR person in the rear end if there are not such low cost index options in your company's 401(k).
