https://www.gobankingrates.com/retirement/planning/gen-z-and-millennials-need-3-million-in-retirement-savings/
my retirement plan is the government collapsing and getting replaced with one that provides pensions ngl
CW: doomerism.
Your plan is really the only hope for not just having to work ourselves to death. Needless to say, that's the outcome I'm rooting for too. But then there's the nagging possibility (likelihood?) that the replacement government after collapse is even more explicitly fash, a scenario in which many of us probably die a violent death long before we would otherwise simply be slowly worked to death under the status quo. Still, I'm betting on collapse too with my fingers crossed that it will turn out like you said.
But then there's the mounting climate catastrophes...
a lot can happen in 45, 50 years. I have more hope in the left getting its shit together in that time than me personally making and saving 3 million dollars
I'm with you. I hope the left can take advantage of the coming multipolar world and become a force strong enough to give the working class the relief and dignity it needs and deserves. But I have to admit, I am pretty pessimistic about the imperial core and fear things there will get much worse before better. Sounds like I'm older than you though. In 50 years I'd be 90 (in other words, long dead). If the left does get its shit together, like you said, I hope it happens relatively quickly. Certainly agree it's more likely than me getting $3mil too.
That pessimism seems warranted. I don't see how we get a DotP or even just a competent state without things getting much, much worse than now first.
When the USA fails, nobody is going to bail it out and let it keep being quietly corrupt out of convenience. That’s what the USA does for other authoritarian countries, they can’t bail themselves out.
It's even worse than that because all these articles are written on the assumption that you can get a 3 to 5% return from your money per annum. With shrinking rates of profit and economic collapse looming, that assumption is very suspect.
I mean, Piketty posits that a period of low/no growth tends to also correspond to low/no inflation. The real material cost of things is going to shift as we divorce ourselves from the global economy. If you can't get cheap imports from China, Marx will tell you what that'll do to the price of a coat.
But we're still a post-industrial society. If nothing else, a shrinking population will produce a vast surplus of hand-me-downs and other used goods. Same thing with housing.
What's ultimately going to change is the relative cost of things. Water will be scarce but consumer goods will be over-abundant.
Also private investment firms buying "safe investments" and "adding fees" might be one possible way personal 401ks tank in the next few decades.
My retirement is me leading a squadron of liberated tanks across the Texan Rad Wastes hunting the last remnants of the New Koch Patriot Army
the New American Red Army has the best pension plan in the wastes. Dental too. People in the Lost Zones don't have that luxury.
3M is 60 years of 100% savings with a 50k income. What, are you planning on living 60 years after you retire or something?
All I need is enough for property taxes plus a little more. Honestly I could do it on 300k, this is some "everyday working American" media outlet spin.
Realistically you're looking at around $150k per year with three million, which seems like a lot but we also have to remember there will be 40 to 60 years of inflation before Gen Z can retire, and very possibly decreasing rates of home ownership which will further hurt them financially.
I plugged it into an inflation calculator and by the time I'm supposed to retire (42 years from now) and assuming a 2.5% average inflation per year, $150k will be worth $53k in today's dollar, which is like just above struggling middle class in a lot of the country.
Edit: That $150k is worth $43k after 20 more years too, and god forbid I should live any longer.
Worth noting that the amount you need to cover from your own savings is only the stuff not already covered by social security. Which should put required savings in the $1-2 million range, which is not that much higher than estimates I heard as a mid to youngish millenial (and it makes sense that near the borders those figures should be similar).
Decommodification or bust. I retire when I get a commie house and a sizeable garden/permaculture project. I lived for a couple years of the past decade on less than 5k a year. 150k (in 2020 dollars) on top of a house and land and gear and comrades down the street, and I'm permanently set, come hell or high water.
Will humanity last long enough for gen z to start considering retirement?
shrug I'm sure edgy 60s-era hippies were saying the same shit during the Cuban Missile Crisis.
You can't really plan for thermonuclear holocaust to bail you out after you're no longer a cash-cow for your bosses.
Lol, with enough of us homeless though we can create houses out of the carcasses
I never had a retirement plan. Farmers in my country are farmers for life. Our entire family is involved so thankfully my many nieces and nephews can help out the same way my generation took care of our grandparents.
The dirty truth of modern America is that even having the money isn't a retirement plan. If you're just outsourcing your golden years to a faceless for-profit corporate retirement community, you might as well be a cow planning your retirement with McDonalds.
Either you've built up a mutual aid network in your youth that you can fall back on or you're just queuing up to get fleeced and butchered as soon as your health begins to fail. Something something Animal Farm.
They're gonna be stuck in their own meat grinder they won't be able to take care of you.
sure am glad I'm on track for a tenth of that in my super come retirement age
$3 million for now. Inflation is only going to get worse :jokerfied:
This is stupid. The rule is you need to live off 3% of your retirement savings. 3M in investments would mean you would live off of $90000 a year. If you need 90k a year to live off of, after paying off a house and not needed to go to work 8 hours a day, you are living insanely beyond what most would need.
For reference, i'm living in the suburbs with a mortgage, and my yearly expenses are ~40k. After mortgage it will be like ~20k.
Even the cheapest nursing homes are gonna be absurdly expensive.
https://khn.org/news/article/private-equity-ownership-of-nursing-homes-triggers-federal-probe/
