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There’s an elderly lady at my local grocery store who’s employed as a greeter. They must give her a lot of leeway because the last few times I’ve seen her, she’s been sitting down reading a paperback & only looking up occasionally to greet people. 😆 Not a bad gig!!
I worked at McDonald’s in high school and they employed an elderly woman that kept getting in trouble for hiding in the janitors closet and sleeping. I felt bad for her, but also impressed that she figured out how to nap while standing.
She knows exactly what the customers want. Give that gal a raise! She could increase customer satisfaction 10 fold if she simply continued to read and ignored us.
My dad got cancer at 72 and died at 74...my mom has Alzheimer's at 74 and doesn't know know what planet she lives in.
I'm 34 and single, with barely any family left alive. After caretaking for both of them for 5 years straight, 24/7...If either one of those ailments hits me, I'm gonna use my remaining retirement savings to pay somebody to party with me, get me super drunk, and launch me into an active volcano, lol.
That takes some planning. It's been a while since I checked but there are only a couple of operators and its limited numbers. I can only imagine it's less now. Heads up for anyone wanting to do it.
>I'm gonna use my remaining retirement savings to pay somebody to party with me, get me super drunk, and launch me into an active volcano
I'll do it for free!
I just went down the rabbit hole and fucking god is that a terrifying situation to find yourself in. I always heard the story in passing and didn’t realize how much pressure (guns) were involved in the process.
Ah the old eaten alive by a bear tactic? Never understood the appeal in that one
Edit: I really don’t think a lot of you are thinking through how horrific being eaten alive by a wild animal is
I'm a pharmacist, as long as I choose to peace out before I retire I have an easy exit plan.
(please don't send me any stupid reddit cares things, I am joking)
This is a tangent, but i don’t believe there has ever been a relevant Reddit cares. It’s just bitter people trolling you after your reply gets more karma than their comment.
It's usually a mystery to me what comment I made that generated it but yeah I think it's usually when someone *really* disagrees with something you've said.
You know that old joke, about not being faster than the bear, just being faster than whoever you are with?
It's like that. You don't have to *like* being devoured by the bear. You just have to like it *more* than working for Walmart. Which sounds doable.
I plan to retire at 54-- 57 at the oldest and move from South Florida to Tennessee.
I'd love to become a park ranger.... if my stars align. If not, I'll volunteer at a pet rescue.
I have over $100k put aside for retirement so far
But I assume with never ending inflation and social security getting eliminated, that should last me about a week and a half in 2060
The owner class doesn't want that, they want us permanently renting, paying for 50 media subscriptions, and working until the day we die so they can be lazy billionaires.
We tried to get a new, sustainable, system in place 25 years ago and people lost their shit. Now that it's becoming impossible even for the biggest fans of Social Security to deny its a pyramid scheme that's unsustainable, we might finally fix it. And before anyone rants about Republicans or Democrats, EVERY country with a public pension plan is facing the same problems because they were all designed in the same way.
SS even in the event nothing is done to save it, will be around when the fund runs out of money in 2034 or so. What will happen, should congress do nothing, is that the gap between revenue (from social security taxes) and expenses will result in an automatic benefit cut of about 25% which will balance their budget.
I have 250k put away, I’m in my 30’s and work in tech. I still don’t think to will be enough to retire. I started saving at 25. Wish I had started at 15.
250 today compounds in addition to whatever you keep adding.
Lets just rough it out.
Lets say you earn 100,000 in perpetuity, you save 10,000 a year. You work only until 65, at which point you retire and then have 100% income replacement from your retirement savings:
Assuming you are 35 and starting with 250,000, with a modest rate of return around 6%, you have approximately 2.3 million in retirement savings at 65. At the age of 84 you still have north of 400,000 in your savings.
Are you just chucking money in there and hoping for the best without really thinking about it and so you think you're like way behind?
I am in a Target Retirement fund. I was told I could “set it and forget it”
I’m putting away 21% of my check (I usually max out in November). I think this is coming from a place of anxiety. I know I’m leagues ahead of my peers. But man, between housing costs and inflation even 2.3 million dollars doesn’t seem like enough.
We also have Roth IRAs with a little bit in them. But I haven’t maxed those out every year like I should. They are also in Target Retirement Funds.
Yeah you should be ok.
I don't want to be like "Go hog wild and waste money!" but you're definitely on track to be alright.
My math was factoring your savings at 10,000 a year every year without ever increasing, and with replacing 100k income per year from 65 on, and it still left you with 400k of wiggle room on a 6% rate of return.
Historically, over the long term, your rate of return is likely closer to 9-10%
If you're saving 21% (depending on your income) you're probably even further ahead than my example.
Try to take a breath at least. The math says you're doing ok. You're not "flee the planet on a colonyship for Mars" type of rich, but you're "shuffle off your mortal coil with dignity" levels right now.
I know 2 things for sure when it comes to saving money for retirement.
1. Anxiety is a helluva drug and the only people who aren't feeling it are the people who can't think past the next week of their life. I've known people who were literal multi-millionaires and were sweating bullets about "having enough saved".
2. A veritable fuckton of people who are trying very hard to save, aren't necessarily well-versed in savings/finance/etc and kind of don't know how much they need, and fall victim to a sort of "I can't do anything I need to save" mindset.
Where you're at, you're doing alright.
I’m mortified to admit I work at a financial company, but I’m in IT so I don’t have a chance to learn a lot about finance. My work has seminars all the time but they’re in other time zones and I can’t usually make it.
I know you don’t know me, but you’ve given me peace I didn’t know I needed. Someone told me I’m doing it right. You have no idea how badly I needed to hear this. Maybe retirement is in the cards for my husband and I.
> But I assume with never ending inflation and social security getting eliminated, that should last me about a week and a half in 2060
So you're just being a ridiculously dramatic Doomer, got it.
lol seriously, if invested correctly that $100k (plus an additional $300 per month), for 30 years is $1.5m. I assume they can put well over $300 per month, so $1.5m is the bare minimum retirement they are looking at.
I hear about this often where I live (SF Bay Area). Somehow people on $200k salaries are living paycheck to paycheck while renting out here. Even more bizarre is somehow I have managed to afford a very middleclass lifestyle out here on significantly less money.
The bay would be brutal, but yeah I hear you. Some people don't know how to manage their money at all. Some people do manage and just life gut punches you repeatedly. Having grown up broke my definition of broke is usually a lot lower than others from what I have noticed too.
They just want to whine and complain while trying to relate to the people who will *actually* have to do those jobs.
See guys I'm one of you!!! See!!!!!
Also why wouldn't you continue working that job in your retirement years if you needed income? It's not like it's a manual labor gig. Give up $150K+ a year to work for minimum wage as a Walmart greeter because.....you turned 65? I legit don't understand OP's post.
Yeah, exactly. No way you're gonna go from a highly paid tech job to literally doing nothing (besides waving) as a job if you have any skills at all. Even if you have to take a huge pay cut you should have enough skills to do a lot of jobs that pay better than minimum wage.
Have kids, have a bad and poor upbringing, throw crazy life events in there. I am older Millennial so moved out when 17 to hustle odd jobs till I could see the need to get a career and have been progressing in tech well. But the crash of 09 hqppened while I was early 20s and was in highly impacted area. TLDR Ive had to dump the retirements I have had a couple times because of life. I find myself now early 40s starting over again. I shouldn't need to work for Walmart but I shouldn't have had to go through most of what I did so the idea of doing something like that no longer sounds unlikely.
And some think they’re “smart” by taking out a 401(k) loan because: “you’re not actually withdrawing the money and you’re paying yourself back with interest”. 🤦♂️
The ‘cons’ of doing that far outweigh the ‘pros’ (if any).
I’m an older millennial (early 40’s) and was lucky enough that when I was in my late teens and early 20’s had enough people in 40’s, 50’s, and 60’s tell me that they wished that they started planning for retirement when they were my age that it sunk into my thick skull.
I’m still on track to retire by 55, but might work till 60 depending on if I can get one last promotion to boost my pension. (Yes, I’m in a union position where I get a pension in addition to my 401k.)
I mean, if you are early 40s as a well paid tech worker you can probably save enough for retirement, it's going to take sacrifice but it's very doable.
Signed: A tech worker in his early 40s who realized how far behind he was last year.
My strategy is pay off my house just before retiring, then rely on whatever I've been able to save in my 401k, investments, and emergency savings. Which will likely not be enough on it's own. But as a supplement to Social Security, it should be just enough. I'm working on the assumption that social security pays out at 70% of the projected payout, which is what the government says Social Security could afford if Congress makes no changes to it.
So yeah, mostly relying on Social Security being there in part.
There are 55+ communities all around me and this happens once a week. It's widely known that they will live a nice-to-them lifestyle in a hoa single wide trailer park until they run out of retirement, and then just take the .357 mag exit strategy. There are signs of it. Big garage sale, selling their car, week long cruise, then come back and within a couple days that's it.
I max my Roth and 401k. I will probably inherit some money as well unless there is a major catastrophe. My spouse and I both make above the average salary for our area/industry, but we are far from rich. I think about old-me all the time and try to make my big decisions with them in mind always.
Shit I resent having to get up and go to work *now*, it'll only be worse in 30 more years.
If I have to work past the age of 62, I’ll do something like stock shelves, sure. But our combined retirement planning should lead to $2 million by retirement. Who knows how the next 2 decades will go though.
I’m 40 and I had to completely start over at 32, it’s been rough. I got a government job to make sure I could get a small pension from that. Plus I contribute to my deferred comp plan as well. This year I’m opening a ROTH so I can also contribute to that. I’m way behind and I’ll never be wealthy when I retire, but I will have something in the bank and a small guaranteed income from my government job at least. I’m also fortunate to own a home with my spouse so I know it’s basically a built in savings account for when we want to downsize/retire. He’s also got a pension from his government job and is in the midst of a career change that will also have a pension (union job) so we know we will have a reliable income. We will mostly likely inherit a bit of money that will help us as well in the future, but we don’t count on that.
Already did that in my 20s (technically Sam's Club but I digress). I'm definitely NOT doing that again, I did my 10 years of retail already, I'm not giving anymore of my life to it.
Not me. I spent a decade working shit jobs and taking out loans while busting my ass to get my bachelors and masters degree, then another decade working my way up in my career. I'm on track for a nice retirement at 65 even without Social Security, maybe I'll even be able to retire a few years early. Hard work when you're young pays off massively when you're older.
I'm 34 and have no savings. Just credit card and student loan debt. I make okay money for where I live. I'm paycheck to paycheck.
I also have a crippling addiction to drugs and alcohol and that doesn't help much in the savings department.
A couple years after I got sober I ended up with a job with a pension, money in savings, and the highest income I’ve ever had. It’s crazy how quickly things can turn around. And the feeling of money just sort of.. sitting there is absolutely wild.
I have retirement savings, but I just applied to be an adjunct teacher. Get my foot in the door, hopefully become full time in the next few years, and then get full state retirement in 20 years. Boom done. Plus My kids will get to go to school for free/heavily discounted.
Edit: I turn 41 in a couple of months, and also work in tech.
I’m not a teacher but I intentionally took a government job with a lower salary partially because of the pension. In retirement I’ll get like 50-60% of my salary in addition to my other additional savings.
No way am I working in retirement out of necessity.
Oh no, I'm not doing that again. I worked there nearly 20 years ago. One day, I'm not on the schedule for 2 weeks AT ALL. The job was shit, I lived with my parents, and lost contact with all my friends over those 3 years, so I decided to take the time off. I came in to get my check the next week and saw that I was back in a few weeks. I came in that day and they decided to punish me by making me work the doors. I was 21 at the time, so surely there was something better I could do, so I quit.
But as another said, I'd rather go to the woods to be eaten by a bear.
Maybe by the time we all get up there, military recruiting will have gotten so desperate that they open it up to able-bodied seniors with no prior military service. All youngsters get all the combat centric jobs. All 50 and up get the more POG type MOS.
Funny to think Walmarts gonna need/want our old asses by time we retire. It'll be robots and automation
Also illegal to be homeless
Also illegal to sleep on streets in public or on public property
We'll probably be living in jails.. 🥺
Yo, people are really mean in here. I lived in a highly impacted area when I graduated college in 09 and the recession was in full swing. I worked three part time jobs until I was 30, and had a few major health events in my life set me back. I’m 37 and just now starting to be able to save again, albeit not that much because I am mostly still paycheck to paycheck. I just got promoted at my job and I still don’t make a lot of money and I’ll probably be working forever too
Idk about that, but I know that when my Uncle retired from serious work he got a part time job at the local hardware store just because he enjoyed working.
I saw a lady driving around the floor cleaner and wanted to quite my job and sign up right there. Some days I wish I had a job with no responsibilities past my 8 hr shift. Nothing to worry about but my task oriented job. Nothing major coming up tomorrow just the same task. I’m sure I’d be worried about my hours, my pay, my lack of sick/vacation, etc., but gawd I wish I just had no responsibilities.
There’s always drama in those jobs too don’t think there isn’t. Gossip, co-workers that are conniving. Manager cuts hours for no reason. Doing repetitive tasks with no respect. After 6 mos to 1 year most quit or are fired.
Back in my security officer days (which was literally 1/4 of my lifetime so far, sadly enough), I would occasionally get assigned to work at Walmart, more or less as a 3rd party greeter, except dressed up like an obviously fake cop. If you asked me today to choose between going back to that job vs. just ending it all right now, it would actually be a pretty tough decision. But if I was already retirement age? Easy, I'm out. lol
If I reach the goal of retirement then I will hopefully never work again. Hopefully my personal life will be fulfilling enough to occupy me for the rest of my days
Jokes on you, the way my pension is set up I'll be dead before I can reach the point of collecting it. I'm 8 years into this and I've probably got another 40 years to go.
Librarian is mine. It's what my grandmother did. I'll probably do some volunteer work, too. Just to keep moving. As long as you get up and go you don't really stop going.
Federal prison is my retirement plan. Hopefully if I commit some tax crime I can get sent to club fed till the end. They give you healthcare, housing, food.
I'm definitely doing what I can to be able to retire. Squirreling away what I can weekly into S&P500 ETFs. If I'm lucky I'll be able to retire around 58 but we'll see how stocks do.
If I can’t afford retirement proper, then I’ll cash out my 401K, fuck around for a bit and then bring a lot of problems to lawmakers, CEO’s and representatives’ door steps. Old man with nothing to lose, nothing to live for and expendable income? Okay….
I work there now. They're currently paying for my Bachelors, after I get it, my goal is to own my own vape shop. Plan b is to move up the ladder there and either work the market or district.
I'm gonna eat a shotgun before I go back to working for that shit hole. That's it tho. That's my retirement plan. I'd SS won't pay the bills by the time my body is too broken to work, I'm just gonna call it a day.
No, but depending on what money looks like when I hit 67 I may choose to find some low paying public service thing that makes a difference rather than letting some mega corp have the pleasure of my labor.
Idk maybe a lot of Millennials are spending like idiots but I’m doing the absolute bare minimum week to week and make good money and am still living paycheck to paycheck
Hell no. Even if I did have to work a job like that it wouldn’t be for a hellhole like Wal Mart. If I’m healthy enough to at least do that I’m hoping I’d be able to just stay part time in my field for longer. There’s guys at my work now working part time well into their late 60s since it’s not super labor intensive. I’ll just be one of those cranky old timers who picks up the weekend shifts at the plant that no one else wants.
What guarantees do you have that Walmart brick and mortar stores will even be around by the time we retire? We are in the subscription and delivery era at the moment.
If I learned anything these past few years, it's these:
- Social security isn't the only option available, and it will keep you barely above what the government deems to be the poverty line. For the many of us born after the 1970s, it'll pay out even less once we approach retirement age. The same goes for Medicare/MediCal, only bare minimum coverage after the chunk of premiums they'll take out of your social security benefits. Look into supplemental health/life insurance you can get through your employer or as part of your current home/car insurance plan.
- Budget plan for now and later. What are your actual needs vs wants? Are you living beyond your means? How much debt are you actually in? Note that using credit cards for everything then only making minimum payments is not a good strategy, especially with interest rates hitting 30% on those plastic suckers. Filing for bankruptcy should be plan Z, especially since it hits your credit for 7 years and does not include student loans. Yes, student loans suck, but there are some ways around them. Even if you've been rejected, keep applying for any forgiveness, deferment, or consolidations available to help you manage what you need to pay off.
- It's not too late to plan for your retirement, we just have to be smart about it. Open a Roth IRA if you haven't already and ensure it's counted as part of your monthly expenses. This in turn becomes tax free income since you already paid those taxes. Make sure your 401K is on track to supplement your retirement income. If you don't have one, get that set up with your employer as most usually match your pretax contribution. Look into a high yield savings account, put in whatever you can, and forget it. A few credit unions have great offerings right now, just do your research.
You got this folks!!
Nope, I put a pile of money away, have employer contributed 401’s and 3 pensions. I plan on driving into the sunset when I retire and never look back. That’s if I can make to retirement…
Mine is: Sell everything I own and move into an EV then just roam around the RV Campsites all day long and live off my meager SSI/401k plans.
So not much - if I have to work... That would suck.
absolutely never.. I'd go work for any small business before being a part of that.
If I don't have money in my retirement, a box of 9mm is pretty cheap
To be an ancient cowgirl leading strings of tourists on horseback rides through the national parks.
If I'm lucky, my horse will spook and I will fall into the grand canyon/off a cliff onto a rock, etc.
Or, they can always implement the Soylent Green movement and mulch us all into some kind of lab grown meat or something.
I don't understand what this means. If you're assuming you won't be able to afford to retire, then why would your job during retirement years be as a minimum wage greeter at Walmart?
If the issue of not being able to retire is due to lack of income, then why would you work the lowest paid job available to you?
Working at Wal Mart is by no means easy. Long hours standing, monotonous soul deadning tedium. If I'm going to work a job I hate in my 60s/70s I want to at least get a decent paycheck.
Even if you are a 43 year old elder millennial it is not too late to start saving for retirement. Assuming you plan to retire at age 65 that's a solid 22 years for a retirement account to grow in size. If you're in a position where you can't afford to save anything for retirement, it's not too late for a career change. If you're going to be working another 20 or 30 years it's worth it to try to maximize your earning potential.
I see a lot of people post things like "What retirement? I'll be working till I'm dead. The world will be a nuclear wasteland by the time I'm retirement age" OK well what if it's not? What if you could retire if you put some effort into working towards that goal? Wouldn't that be worth it?
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There’s an elderly lady at my local grocery store who’s employed as a greeter. They must give her a lot of leeway because the last few times I’ve seen her, she’s been sitting down reading a paperback & only looking up occasionally to greet people. 😆 Not a bad gig!!
I worked at McDonald’s in high school and they employed an elderly woman that kept getting in trouble for hiding in the janitors closet and sleeping. I felt bad for her, but also impressed that she figured out how to nap while standing.
Skills.
She knows exactly what the customers want. Give that gal a raise! She could increase customer satisfaction 10 fold if she simply continued to read and ignored us.
My aunt got fired from being a greeter because she refused to stop giving kids candy lmao
what a legend.
No need, I have been slowly building up my collection of beanie babies to secure my retirement.
You should never have posted this. We’re all on our way to steal your stash.
My Pokemon card binders will sail me into the finest subpar old folks home my children can find.
I’ve got McDonald’s chicken nugget toys I’m counting on selling to make a few million.
Nah. All the money is in Funkos mannnnn
I will gladly wander off into the forest and let the earth take me before I work for wal mart.
My dad got cancer at 72 and died at 74...my mom has Alzheimer's at 74 and doesn't know know what planet she lives in. I'm 34 and single, with barely any family left alive. After caretaking for both of them for 5 years straight, 24/7...If either one of those ailments hits me, I'm gonna use my remaining retirement savings to pay somebody to party with me, get me super drunk, and launch me into an active volcano, lol.
Take acid and go white water rafting in the grand canyon.
That takes some planning. It's been a while since I checked but there are only a couple of operators and its limited numbers. I can only imagine it's less now. Heads up for anyone wanting to do it.
I will volunteer to party with you, friend.
Damn I’m so sorry for your loss and your mom.
>I'm gonna use my remaining retirement savings to pay somebody to party with me, get me super drunk, and launch me into an active volcano I'll do it for free!
Make sure to dress like the Terminator and give your compatriot a thumbs up while you do it
I'm not entirely unconvinced that a mass suicide won't happen in my lifetime.
Its like another Jonestown, but everyone ~~knows exactly~~ doesn't care what's in the Kool aide.
Pretty sure everyone at Jonestown knew what was in the Kool-Aid lol.
The kids didn't. (Seriously don't listen to the audio recording).
I just went down the rabbit hole and fucking god is that a terrifying situation to find yourself in. I always heard the story in passing and didn’t realize how much pressure (guns) were involved in the process.
I kind of feel like it’s starting to happen now :(
Right? I keep thinking hasn't it been ramping up since we had quarantine? 😢
Me too but replace "forest" with "Caesars Palace in Las Vegas."
Ah the old eaten alive by a bear tactic? Never understood the appeal in that one Edit: I really don’t think a lot of you are thinking through how horrific being eaten alive by a wild animal is
My bet is exposure/dehydration gets you first
Buy a plane ticket to Switzerland or where ever suicide is legal and have them dope you to death. Any other idea is just silly.
I'm a pharmacist, as long as I choose to peace out before I retire I have an easy exit plan. (please don't send me any stupid reddit cares things, I am joking)
This is a tangent, but i don’t believe there has ever been a relevant Reddit cares. It’s just bitter people trolling you after your reply gets more karma than their comment.
It's usually a mystery to me what comment I made that generated it but yeah I think it's usually when someone *really* disagrees with something you've said.
I got one for saying something made me wanna *thbbt* myself. It may have been the only sincere Reddit Cares in the history of Reddit.
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Don’t forget an anti-anxiety agent because Millennials live in a state of anxiety and getting that relief before death would be a nice welcome.
Barbiturates is anti anxiety. Xanax is a Barbiturate
It is not a barbiturate. It is barbiturate like. It's a benzodiazepine not a barbituate.
Looked it up. It costs like 200k plus alot of psych evals and a long waiting period One of those things i went down the rabbit hole for
You could also jump off a cliff. Go out with a bang 💥
More like a wet thud.
Depends on the material that stops your fall.
U.S army starts recruiting grey hairs for "one way mission" specialists.
I’ve heard hypothermia is nice. You actually feel warm towards the end and just kind of fall asleep.
That was true for me, when i was drunk in the middle of night falling asleep on a pile of snow. It was so fluffy and warm.
You know that old joke, about not being faster than the bear, just being faster than whoever you are with? It's like that. You don't have to *like* being devoured by the bear. You just have to like it *more* than working for Walmart. Which sounds doable.
Meh I was thinking fall off of a very tall rock. (This is a joke, obviously. I don’t need another Reddit Cares message)
Could be a man, we don’t know what they’d choose
I’m shoving off on an ice floe into the arctic sea, I’ll wave when I float by you
That's cute but there won't be any ice left
I hope I catch the last berg heading out 🥲
My plan is cannibalism and forest living, so whatever forest this guy is going too I guess, would be my retirement.
This.
"Welcome to Costco, I love you." is my plan.
I'd work part time at costco after I no longer have a mortgage / child in college. $1.50 glizzies for life.
Honestly I could just survive on the free samples.
This cracked me up. "I love you."
Hellooo. ‘Idiocracy.’ Now I must watch it again.
When I retire, I’m going to be a part-time ghost tour giver 😂😂👻
Even the ghosts are only part time now? Damn millennial ghosts…
Is this an ITYSL reference?
Any of these little fuckers ever pop out of the fucking wall and say, "Fuck, there's a horse cock in my room or a donkey dick"?
Being the guy on the first tee at a local golf course the checks people in and tells them you tee off is my retirement job. Easy gig and free golf
That does sound awesome actually and isnt at all the dystopian bleak wallow in pitty rant I was going for.
Easy bro… don’t go telling everyone the play
I plan to retire at 54-- 57 at the oldest and move from South Florida to Tennessee. I'd love to become a park ranger.... if my stars align. If not, I'll volunteer at a pet rescue.
I call that the Swanson Plan. My hope, too.
I'm assuming after Ron Swanson?!?!
That’s not retiring that’s still working
So you're a highly paid tech worker and don't have any retirement savings \*at all\*? How did you manage that?
I have over $100k put aside for retirement so far But I assume with never ending inflation and social security getting eliminated, that should last me about a week and a half in 2060
I'll be surprised if a new system DOES NOT replace SS. Wayyyyyy tooooo many people rely on it.
The owner class doesn't want that, they want us permanently renting, paying for 50 media subscriptions, and working until the day we die so they can be lazy billionaires.
Well maybe the owner class should go away.
Correct, but there's no longer any mechanisms for changing their status and their never will be
We tried to get a new, sustainable, system in place 25 years ago and people lost their shit. Now that it's becoming impossible even for the biggest fans of Social Security to deny its a pyramid scheme that's unsustainable, we might finally fix it. And before anyone rants about Republicans or Democrats, EVERY country with a public pension plan is facing the same problems because they were all designed in the same way.
Lets be clear on this. Social Security would have been FINE if our government stopped borrowing from it without paying the money back into the fund.
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SS even in the event nothing is done to save it, will be around when the fund runs out of money in 2034 or so. What will happen, should congress do nothing, is that the gap between revenue (from social security taxes) and expenses will result in an automatic benefit cut of about 25% which will balance their budget.
I have 250k put away, I’m in my 30’s and work in tech. I still don’t think to will be enough to retire. I started saving at 25. Wish I had started at 15.
250 today compounds in addition to whatever you keep adding. Lets just rough it out. Lets say you earn 100,000 in perpetuity, you save 10,000 a year. You work only until 65, at which point you retire and then have 100% income replacement from your retirement savings: Assuming you are 35 and starting with 250,000, with a modest rate of return around 6%, you have approximately 2.3 million in retirement savings at 65. At the age of 84 you still have north of 400,000 in your savings. Are you just chucking money in there and hoping for the best without really thinking about it and so you think you're like way behind?
I am in a Target Retirement fund. I was told I could “set it and forget it” I’m putting away 21% of my check (I usually max out in November). I think this is coming from a place of anxiety. I know I’m leagues ahead of my peers. But man, between housing costs and inflation even 2.3 million dollars doesn’t seem like enough. We also have Roth IRAs with a little bit in them. But I haven’t maxed those out every year like I should. They are also in Target Retirement Funds.
Yeah you should be ok. I don't want to be like "Go hog wild and waste money!" but you're definitely on track to be alright. My math was factoring your savings at 10,000 a year every year without ever increasing, and with replacing 100k income per year from 65 on, and it still left you with 400k of wiggle room on a 6% rate of return. Historically, over the long term, your rate of return is likely closer to 9-10% If you're saving 21% (depending on your income) you're probably even further ahead than my example. Try to take a breath at least. The math says you're doing ok. You're not "flee the planet on a colonyship for Mars" type of rich, but you're "shuffle off your mortal coil with dignity" levels right now.
That is so reassuring. Thank you random reddit stranger. I’m trying so hard. Anxiety is a beast.
I know 2 things for sure when it comes to saving money for retirement. 1. Anxiety is a helluva drug and the only people who aren't feeling it are the people who can't think past the next week of their life. I've known people who were literal multi-millionaires and were sweating bullets about "having enough saved". 2. A veritable fuckton of people who are trying very hard to save, aren't necessarily well-versed in savings/finance/etc and kind of don't know how much they need, and fall victim to a sort of "I can't do anything I need to save" mindset. Where you're at, you're doing alright.
I’m mortified to admit I work at a financial company, but I’m in IT so I don’t have a chance to learn a lot about finance. My work has seminars all the time but they’re in other time zones and I can’t usually make it. I know you don’t know me, but you’ve given me peace I didn’t know I needed. Someone told me I’m doing it right. You have no idea how badly I needed to hear this. Maybe retirement is in the cards for my husband and I.
A 6% rate of return already includes a healthy cushion for inflation... that 2.3 million is in today's dollars.
> But I assume with never ending inflation and social security getting eliminated, that should last me about a week and a half in 2060 So you're just being a ridiculously dramatic Doomer, got it.
lol seriously, if invested correctly that $100k (plus an additional $300 per month), for 30 years is $1.5m. I assume they can put well over $300 per month, so $1.5m is the bare minimum retirement they are looking at.
I hear about this often where I live (SF Bay Area). Somehow people on $200k salaries are living paycheck to paycheck while renting out here. Even more bizarre is somehow I have managed to afford a very middleclass lifestyle out here on significantly less money.
The bay would be brutal, but yeah I hear you. Some people don't know how to manage their money at all. Some people do manage and just life gut punches you repeatedly. Having grown up broke my definition of broke is usually a lot lower than others from what I have noticed too.
They just want to whine and complain while trying to relate to the people who will *actually* have to do those jobs. See guys I'm one of you!!! See!!!!!
Also why wouldn't you continue working that job in your retirement years if you needed income? It's not like it's a manual labor gig. Give up $150K+ a year to work for minimum wage as a Walmart greeter because.....you turned 65? I legit don't understand OP's post.
Yeah, exactly. No way you're gonna go from a highly paid tech job to literally doing nothing (besides waving) as a job if you have any skills at all. Even if you have to take a huge pay cut you should have enough skills to do a lot of jobs that pay better than minimum wage.
Have kids, have a bad and poor upbringing, throw crazy life events in there. I am older Millennial so moved out when 17 to hustle odd jobs till I could see the need to get a career and have been progressing in tech well. But the crash of 09 hqppened while I was early 20s and was in highly impacted area. TLDR Ive had to dump the retirements I have had a couple times because of life. I find myself now early 40s starting over again. I shouldn't need to work for Walmart but I shouldn't have had to go through most of what I did so the idea of doing something like that no longer sounds unlikely.
Just keep contributing to your 401 or IRA and don’t use it as a piggy bank for dipping into
That part!! Why people keep dipping into their retirement plans, especially for non-emergency situations, dumbfounds me.
And some think they’re “smart” by taking out a 401(k) loan because: “you’re not actually withdrawing the money and you’re paying yourself back with interest”. 🤦♂️ The ‘cons’ of doing that far outweigh the ‘pros’ (if any).
There is no amount of money in the entire world to make me work at that post apocalyptic hell hole
There’s no amount to make me work there again. They got me once for 3 months 😂
Wine bar for me.
At some point, Wal-Mart greeter positions are going to become super competitive. They’re going to get something like 5k applications for 1 opening.
I’m a “move overseas to a super low COL place” strategy
I plan on slipping on pee-pee at my local Costco so I can retire.
I’m an older millennial (early 40’s) and was lucky enough that when I was in my late teens and early 20’s had enough people in 40’s, 50’s, and 60’s tell me that they wished that they started planning for retirement when they were my age that it sunk into my thick skull. I’m still on track to retire by 55, but might work till 60 depending on if I can get one last promotion to boost my pension. (Yes, I’m in a union position where I get a pension in addition to my 401k.)
Those jobs will be replaced by a robot or some other tech before you're ready.
I mean, if you are early 40s as a well paid tech worker you can probably save enough for retirement, it's going to take sacrifice but it's very doable. Signed: A tech worker in his early 40s who realized how far behind he was last year.
Cancer is my retirement.
I don't expect to live that long, to be honest.
My strategy is pay off my house just before retiring, then rely on whatever I've been able to save in my 401k, investments, and emergency savings. Which will likely not be enough on it's own. But as a supplement to Social Security, it should be just enough. I'm working on the assumption that social security pays out at 70% of the projected payout, which is what the government says Social Security could afford if Congress makes no changes to it. So yeah, mostly relying on Social Security being there in part.
I am comfortable with just offing myself if I become unable to work at any point and my retirement savings end up being insufficient.
There are 55+ communities all around me and this happens once a week. It's widely known that they will live a nice-to-them lifestyle in a hoa single wide trailer park until they run out of retirement, and then just take the .357 mag exit strategy. There are signs of it. Big garage sale, selling their car, week long cruise, then come back and within a couple days that's it.
I max my Roth and 401k. I will probably inherit some money as well unless there is a major catastrophe. My spouse and I both make above the average salary for our area/industry, but we are far from rich. I think about old-me all the time and try to make my big decisions with them in mind always. Shit I resent having to get up and go to work *now*, it'll only be worse in 30 more years.
If I have to work past the age of 62, I’ll do something like stock shelves, sure. But our combined retirement planning should lead to $2 million by retirement. Who knows how the next 2 decades will go though.
I’m 40 and I had to completely start over at 32, it’s been rough. I got a government job to make sure I could get a small pension from that. Plus I contribute to my deferred comp plan as well. This year I’m opening a ROTH so I can also contribute to that. I’m way behind and I’ll never be wealthy when I retire, but I will have something in the bank and a small guaranteed income from my government job at least. I’m also fortunate to own a home with my spouse so I know it’s basically a built in savings account for when we want to downsize/retire. He’s also got a pension from his government job and is in the midst of a career change that will also have a pension (union job) so we know we will have a reliable income. We will mostly likely inherit a bit of money that will help us as well in the future, but we don’t count on that.
Already did that in my 20s (technically Sam's Club but I digress). I'm definitely NOT doing that again, I did my 10 years of retail already, I'm not giving anymore of my life to it.
Home Depot garden section is my plan.
Not me. I’m going to prison
Not me. I spent a decade working shit jobs and taking out loans while busting my ass to get my bachelors and masters degree, then another decade working my way up in my career. I'm on track for a nice retirement at 65 even without Social Security, maybe I'll even be able to retire a few years early. Hard work when you're young pays off massively when you're older.
I'm 34 and have no savings. Just credit card and student loan debt. I make okay money for where I live. I'm paycheck to paycheck. I also have a crippling addiction to drugs and alcohol and that doesn't help much in the savings department.
A couple years after I got sober I ended up with a job with a pension, money in savings, and the highest income I’ve ever had. It’s crazy how quickly things can turn around. And the feeling of money just sort of.. sitting there is absolutely wild.
I have retirement savings, but I just applied to be an adjunct teacher. Get my foot in the door, hopefully become full time in the next few years, and then get full state retirement in 20 years. Boom done. Plus My kids will get to go to school for free/heavily discounted. Edit: I turn 41 in a couple of months, and also work in tech.
I’m not a teacher but I intentionally took a government job with a lower salary partially because of the pension. In retirement I’ll get like 50-60% of my salary in addition to my other additional savings. No way am I working in retirement out of necessity.
I almost have a few times. But work in IT, and I would take like a 40% pay cut to move to a government job, same title.
Oh no, I'm not doing that again. I worked there nearly 20 years ago. One day, I'm not on the schedule for 2 weeks AT ALL. The job was shit, I lived with my parents, and lost contact with all my friends over those 3 years, so I decided to take the time off. I came in to get my check the next week and saw that I was back in a few weeks. I came in that day and they decided to punish me by making me work the doors. I was 21 at the time, so surely there was something better I could do, so I quit. But as another said, I'd rather go to the woods to be eaten by a bear.
I’ve always planned to get a part time at Disney. They’ll give you a certain amount of park hoppers so your family can visit and go to the parks.
Maybe by the time we all get up there, military recruiting will have gotten so desperate that they open it up to able-bodied seniors with no prior military service. All youngsters get all the combat centric jobs. All 50 and up get the more POG type MOS.
Funny to think Walmarts gonna need/want our old asses by time we retire. It'll be robots and automation Also illegal to be homeless Also illegal to sleep on streets in public or on public property We'll probably be living in jails.. 🥺
Nah, I want to be one of the little old ladies at the cruise port that checks all your documentation before you get on the ship.
Walmart doesn't hire greeters anymore. You're going to need a new plan.
Yo, people are really mean in here. I lived in a highly impacted area when I graduated college in 09 and the recession was in full swing. I worked three part time jobs until I was 30, and had a few major health events in my life set me back. I’m 37 and just now starting to be able to save again, albeit not that much because I am mostly still paycheck to paycheck. I just got promoted at my job and I still don’t make a lot of money and I’ll probably be working forever too
Not a chance. Fidelity puts me at between $6M and $15M in assets by retirement in today's dollars. No way I'm going out as a Wal-Mart greeter.
I'm already practicing
What's the discount I get at Walmart?
Idk about that, but I know that when my Uncle retired from serious work he got a part time job at the local hardware store just because he enjoyed working.
I saw a lady driving around the floor cleaner and wanted to quite my job and sign up right there. Some days I wish I had a job with no responsibilities past my 8 hr shift. Nothing to worry about but my task oriented job. Nothing major coming up tomorrow just the same task. I’m sure I’d be worried about my hours, my pay, my lack of sick/vacation, etc., but gawd I wish I just had no responsibilities.
There’s always drama in those jobs too don’t think there isn’t. Gossip, co-workers that are conniving. Manager cuts hours for no reason. Doing repetitive tasks with no respect. After 6 mos to 1 year most quit or are fired.
Back in my security officer days (which was literally 1/4 of my lifetime so far, sadly enough), I would occasionally get assigned to work at Walmart, more or less as a 3rd party greeter, except dressed up like an obviously fake cop. If you asked me today to choose between going back to that job vs. just ending it all right now, it would actually be a pretty tough decision. But if I was already retirement age? Easy, I'm out. lol
Fucking sale comics dude. Sure to get to your retirement goal sooner.
I'm probably gonna just pull a "Leaving Las Vegas"
It's more like I'll be blasting the 'Welcome To Hell' album by Venom in my 60s. Idgaf.
If I reach the goal of retirement then I will hopefully never work again. Hopefully my personal life will be fulfilling enough to occupy me for the rest of my days
By the time we retire they’re not gonna need a human greeter
Do you all want to work for someone until you die?
English teacher in a different country
Not me, hopefully
Jokes on you, the way my pension is set up I'll be dead before I can reach the point of collecting it. I'm 8 years into this and I've probably got another 40 years to go.
10
I’d rather get paid 6 figures to say welcome to the scif.
As someone who survived working there I’d rather live in a cardboard box on the moon than step foot in there again
My backup plan if I can’t retire is to just OD on heroin. I’ve never done H, but it sounds like a nice way to go when there’s no other options
If I am still of sound mind and able to communicate in multiple languages, I can always freelance translations.
I worked there for 11 years. I did my time.
Mine is to just die
Librarian is mine. It's what my grandmother did. I'll probably do some volunteer work, too. Just to keep moving. As long as you get up and go you don't really stop going.
Lots of us don’t live in a country with a Walmart.
When I am “too old for tech” I will have enough in investments to not worry about working.
My retirement strategy is starting a fentanyl habit
Me. It's going to be my third job, along with librarian and wise elderly custodian for a big mega corporation.
I quit sams club without notice at 18. I was told " You'll never work for Walmart again. " fuck Walmart lol
Nah, im actually going to retire when im ready to retire. lol
I plan on dying during the resource wars
Federal prison is my retirement plan. Hopefully if I commit some tax crime I can get sent to club fed till the end. They give you healthcare, housing, food.
Thankfully I’ll be able to retire at 50. Obviously that’s pretty young so I may get another job, but I won’t need it.
I'm definitely doing what I can to be able to retire. Squirreling away what I can weekly into S&P500 ETFs. If I'm lucky I'll be able to retire around 58 but we'll see how stocks do.
My kids are pretty young so my retirement plan is to go push a broom at the nearest state university so my kids can have free tuition.
I think the microplastics and the heavy metals will take me out before I get to that point.
If I can’t afford retirement proper, then I’ll cash out my 401K, fuck around for a bit and then bring a lot of problems to lawmakers, CEO’s and representatives’ door steps. Old man with nothing to lose, nothing to live for and expendable income? Okay….
I work there now. They're currently paying for my Bachelors, after I get it, my goal is to own my own vape shop. Plan b is to move up the ladder there and either work the market or district.
It will be a welcome robot soon.
I'm gonna eat a shotgun before I go back to working for that shit hole. That's it tho. That's my retirement plan. I'd SS won't pay the bills by the time my body is too broken to work, I'm just gonna call it a day.
No, but depending on what money looks like when I hit 67 I may choose to find some low paying public service thing that makes a difference rather than letting some mega corp have the pleasure of my labor.
Idk maybe a lot of Millennials are spending like idiots but I’m doing the absolute bare minimum week to week and make good money and am still living paycheck to paycheck
Nah, catch me in the Garden Center!
I'll be happily watering the plants in a garden center somewhere (not Walmart). Looking forward to it.
I would go be a school bus driver or crossing guard if I really had to supplement my income in retirement. I don’t expect that to be necessary though
Another post that will be locked due to ...reasons
Hell no. Even if I did have to work a job like that it wouldn’t be for a hellhole like Wal Mart. If I’m healthy enough to at least do that I’m hoping I’d be able to just stay part time in my field for longer. There’s guys at my work now working part time well into their late 60s since it’s not super labor intensive. I’ll just be one of those cranky old timers who picks up the weekend shifts at the plant that no one else wants.
What guarantees do you have that Walmart brick and mortar stores will even be around by the time we retire? We are in the subscription and delivery era at the moment. If I learned anything these past few years, it's these: - Social security isn't the only option available, and it will keep you barely above what the government deems to be the poverty line. For the many of us born after the 1970s, it'll pay out even less once we approach retirement age. The same goes for Medicare/MediCal, only bare minimum coverage after the chunk of premiums they'll take out of your social security benefits. Look into supplemental health/life insurance you can get through your employer or as part of your current home/car insurance plan. - Budget plan for now and later. What are your actual needs vs wants? Are you living beyond your means? How much debt are you actually in? Note that using credit cards for everything then only making minimum payments is not a good strategy, especially with interest rates hitting 30% on those plastic suckers. Filing for bankruptcy should be plan Z, especially since it hits your credit for 7 years and does not include student loans. Yes, student loans suck, but there are some ways around them. Even if you've been rejected, keep applying for any forgiveness, deferment, or consolidations available to help you manage what you need to pay off. - It's not too late to plan for your retirement, we just have to be smart about it. Open a Roth IRA if you haven't already and ensure it's counted as part of your monthly expenses. This in turn becomes tax free income since you already paid those taxes. Make sure your 401K is on track to supplement your retirement income. If you don't have one, get that set up with your employer as most usually match your pretax contribution. Look into a high yield savings account, put in whatever you can, and forget it. A few credit unions have great offerings right now, just do your research. You got this folks!!
As a tech worker, you should understand that AI will replace this (and many others) position before we hit retirement.
I work in government so I’m relying on my pension!
Nope, I put a pile of money away, have employer contributed 401’s and 3 pensions. I plan on driving into the sunset when I retire and never look back. That’s if I can make to retirement…
Mine is: Sell everything I own and move into an EV then just roam around the RV Campsites all day long and live off my meager SSI/401k plans. So not much - if I have to work... That would suck.
nah I'm moving to Bolivia or Uruguay and opening up a BBQ joint
absolutely never.. I'd go work for any small business before being a part of that. If I don't have money in my retirement, a box of 9mm is pretty cheap
By time we are this age AI will have fully taken over this role
I'm trying to stay self employed my whole entire life. Working for Walmart in any capacity sounds like a nightmare to me.
To be an ancient cowgirl leading strings of tourists on horseback rides through the national parks. If I'm lucky, my horse will spook and I will fall into the grand canyon/off a cliff onto a rock, etc. Or, they can always implement the Soylent Green movement and mulch us all into some kind of lab grown meat or something.
https://preview.redd.it/5i14ebucqy9d1.jpeg?width=522&format=pjpg&auto=webp&s=42b54a62a34f219fb838d337b65d9df2f55598c2
Unhireable at Walmart. I fucked my addict store manager and unsurprisingly it didn't work out 🤣
Jumping off a cruise ship when it’s my time? Save enough to travel for a year? Then just randomly jump? Sounds like a dream
I don't understand what this means. If you're assuming you won't be able to afford to retire, then why would your job during retirement years be as a minimum wage greeter at Walmart? If the issue of not being able to retire is due to lack of income, then why would you work the lowest paid job available to you? Working at Wal Mart is by no means easy. Long hours standing, monotonous soul deadning tedium. If I'm going to work a job I hate in my 60s/70s I want to at least get a decent paycheck. Even if you are a 43 year old elder millennial it is not too late to start saving for retirement. Assuming you plan to retire at age 65 that's a solid 22 years for a retirement account to grow in size. If you're in a position where you can't afford to save anything for retirement, it's not too late for a career change. If you're going to be working another 20 or 30 years it's worth it to try to maximize your earning potential. I see a lot of people post things like "What retirement? I'll be working till I'm dead. The world will be a nuclear wasteland by the time I'm retirement age" OK well what if it's not? What if you could retire if you put some effort into working towards that goal? Wouldn't that be worth it?
My retirement strategy is the sweet release of death
I will get helium tanks, some tubing, a turkey bag and a large balloon. Tie my hands behind my back before I work at Walmart.
My wife is on my insurance and is 11 years younger than me. I'm never retiring in this country
These comments are depressing as hell... But I get it. We need some kind of revolution or real change..