I don't know what to do about the FIRE people that think they have it all planned out, so that if they just save up $1 million dollars, they'll be able to safely withdraw $40k per year forever. That's based off a study that looked at history and said a 4% withdraw rate would, in 95/100 cases, last you 30 years, which was assumed to be the time between retirement and death.
I get the desire to escape the rat race, but like any atomized person living in late capitalism, they think their individual actions will be enough. Even if that $1 million manages to last them as long as they need it to, instead of running out in 30 or 40 years, the bourgeois are going to find more ways to drain down those savings.
And, in the meantime, they are likely to oppose any sort of socialist reform, because it would likely be at the expense of the capital they're drawing their income from.
I had a conversation recently with a fellow new employee about how we should probably skip contributing to our 401k because the money probably won't exist when we get to retirement age because of climate change and it made our older coworkers visibly uncomfortable :sadness:
I don't know what to do about the FIRE people that think they have it all planned out, so that if they just save up $1 million dollars, they'll be able to safely withdraw $40k per year forever. That's based off a study that looked at history and said a 4% withdraw rate would, in 95/100 cases, last you 30 years, which was assumed to be the time between retirement and death.
I get the desire to escape the rat race, but like any atomized person living in late capitalism, they think their individual actions will be enough. Even if that $1 million manages to last them as long as they need it to, instead of running out in 30 or 40 years, the bourgeois are going to find more ways to drain down those savings.
And, in the meantime, they are likely to oppose any sort of socialist reform, because it would likely be at the expense of the capital they're drawing their income from.
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I had a conversation recently with a fellow new employee about how we should probably skip contributing to our 401k because the money probably won't exist when we get to retirement age because of climate change and it made our older coworkers visibly uncomfortable :sadness:
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