• CaptainSpaceman@lemmy.world
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    5 months ago

    A new survey shows the significant gap between how much millennials expect they need to retire ($1.7 million) and what they’ve roughly saved so far ($63,000)

    Also $1.7m today is like $4m by the time millenials hit retiremwnt.

    • tsonfeir@lemmy.world
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      5 months ago

      My company’s 401k person came in to sell their wares, and I did that inflation math in front of them. I think I made a lot of employees afraid for their future.

      • ampersandrew@lemmy.world
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        5 months ago

        If you put your money in index funds, you can expect it to beat inflation by about 7-8% on average, especially over the course of a decades-long working career. It’s usually not worth it to ever look at the non-adjusted projected value.

    • henfredemars@infosec.pub
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      5 months ago

      I thought I was doing well and that I had a chance, but saving multiple millions for retirement sounds impossible. If I want retirement, I’ll probably have to move to a low cost-of-living country.

    • Meeech@lemmy.world
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      5 months ago

      63000 saved?? Yeah sure. Just checked my bank account and I got a whopping $27 in the savings account.

    • Makeitstop@lemmy.world
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      5 months ago

      Nearly three decades ago, I remember my grandpa being pissed about proposed changes to social security which were supposed prevent it from going bankrupt. When I asked what his solution was, he said that he paid into the system his whole life, and they owe him the full benefits he was promised. He got a lot more pissed when I asked if he was fine with me paying into the system my whole life and getting nothing, but he didn’t really have an answer. And somehow, I’m sure he thought he won that argument.

      • MasterBlaster@lemmy.world
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        5 months ago

        Ah, yes. The plans laid out by the ultra wealthy bear fruit. We blame and shame each othe while they pay no taxes! Mr. Burns would be proud.

        Remember that just five years ago, Trumpcsigned a tax bill that gave the wealthiest amongst us a collective two trillion dollar tax cut that cost me the home interest and local tax deductions i depended upon. My crime was living in a “blue state”.

        • CouncilOfFriends@slrpnk.net
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          5 months ago

          In addition, the only party with a serious bill proposed to expand Social Security is the Democrats, which would be paid for by raising the cap where taxes are currently paid on only the first $147,000 of earnings. Republicans plan to sunset and privatize all of our benefits, throwing the elderly into poverty just so Wall Street can skim a few billion off the top.

    • MasterBlaster@lemmy.world
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      5 months ago

      Many many years ago I realized that there would be no social security by the time I retired. Lo and behold Social Security will only pay 70% of its dues 3 years before I retire.

      The good news is I’ve been saving for retirement since the age of 25. The bad news is there’s been a plethora of problems that have restricted my ability to save.

      Thankfully, I I’m in a way better place than most people. Unfortunately I am still going to fall short.

      • chronicledmonocle@lemmy.world
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        5 months ago

        Same…same. I’m a father of three, single income. I put away about $350 a month into a 401k for retirement. It’s not enough, but between housing, fixing things that break, health coverage, etc. it’s the best I can do.

    • henfredemars@infosec.pub
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      5 months ago

      You may get it, but in the future one dollar will be worth only five cents. You will be paid out in today’s dollars.

    • PM_Your_Nudes_Please@lemmy.world
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      5 months ago

      The average human body can’t actually sustain a person for a day. People aren’t meant to be cannibals.

      No, we eat the rich to send a message.

  • Burn_The_Right@lemmy.world
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    5 months ago

    Serious question: Has there ever been a non-violent solution a situation this dire?

    Follow-up question: Would this problem be fixable if conservatives were removed from the equation?

      • Burn_The_Right@lemmy.world
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        5 months ago

        The “revolutions” you listed were pretty violent. The Indian Independence Movement was famously bloody. Even Ghandi was murdered by conservatives.

        Countless protesters were murdered in the Velvet Revolution. The protesters themselves were peaceful: I’ll give you that. But they were slaughtered for 30 years before a transition of government finally happened. Hell, it even started violently as hundrsds of thousands of Warsaw Pact troops invaded Czechoslovakia and slaughtered protesters.

        Demonstrators in the Philipines were similarly murdered in ipen, violent fashion in the People Power Revolution. But, yes. The protesters remained nonviolent as entire families were erased by Marcos.

        The Singing Revolution was pretty peaceful, but not without violence (see Bloody Sunday of 1991), but I would argue also that Soviet contr of Estonia, Latvia and Lithuania were almost entirely by declaration rather than direct oppression. As such, the Soviets offered almost no resistance to their declarations of independence. The oppressive conservative machine just didn’t really exist there when the “revolution” happened.

        I don’t think there can be truly peaceful coexistence between conservatives and normal people in the U.S. The conservatives will always seek to oppress the normal people. That is just their nature. A cure is technically possible, but it would require following through this time. I just don’t think most normal people have the stomach for that.

    • Eezyville@sh.itjust.works
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      5 months ago

      We need to get rid of all those old people in office. They don’t care about the future, only about control. They need to go.

      • PM_Your_Nudes_Please@lemmy.world
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        5 months ago

        Yup. The adults gave themselves the authority to declare perpetual adult swim. And now people are realizing that they’ve spent the entire time shitting in the pool before they die.

  • DominusOfMegadeus@sh.itjust.works
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    5 months ago

    I vote we stop posting these articles that continue to assign people motives based on an arbitrary age grouping system. It’s fucking infuriating reading these headlines

  • Copernican@lemmy.world
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    5 months ago

    This really comes down to who has and hasn’t saved. If you are a millennial that regularly saves into a retirement account you are probably looking good because the market has been good. But not a lot of millennials save for retirement which is the problem. Some of that is low wage, but some of that is bad spending habits.

    Housing on the other hand is totally fucked for millennials regardless of what you are saving. If you got a starter home you are unable to sell and upgrade with decent rates. If you are first time buyer there is no inventory for starter homes because folks can’t afford to leave them even if they want to.

    • xmunk@sh.itjust.works
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      5 months ago

      I’m a pretty well paid millenial who was saving well. My partner is now disabled and our savings are shrinking from medical bills and supporting her lost wages.

      For our generation, to succeed, you need to get obscenely lucky. One disaster can wipe a lot of us out.

      I know it will suck if it happens but I think we might be nearing the point of revolution. Shit is really fucking hard and you’re being squeezed from every direction… as an example my employer switched to “an equivalent insurance plan” my dental coverage disappeared and my raise+CoL increase is less than my increased out of pocket for meds - just for myself… my partner’s medical costs are insane.

      We exist a bad day away from destitution… and the wealthy and the boomers keep hoovering up “passive income” (i.e. our income).

      • catloaf@lemm.ee
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        5 months ago

        They say people are only three meals away from revolution. But that’s even meager meals, not just “i can’t afford steak”. So I think we’re still a ways off from most people reaching that point.

      • Copernican@lemmy.world
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        5 months ago

        I am very sympathetic to this. When I had a friend go through cancer, it made me realize a lot of important things about life. In the middle of that list, but critical in that list of things is paying for supplemental disability insurance. It was like a few hundred dollars a year that is the difference retaining an additional 20% of your salary in disability if needed. I am probably more likely to near term need supplemental disability insurance vs life insurance, and if I’m still alive and thriving and on disability that’s probably a bigger financial drain on my family that sudden untimely death.

    • pyre@lemmy.world
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      5 months ago

      ikr? what breaking news too… this person probably thinks we may have a climate problem