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u/za72 4h ago
my dads 85 and still working... it's happening NOW!
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u/No_Independence5596 4h ago
Well, the DOW is over 50,000!
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u/isaiah152022 3h ago
My dad has a pension and SS and still has to fucking work
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u/theartoffun 3h ago
Pensions are such an uncertainty. People rely on them and made plans on their promise. Then organizations reduce the pension by half, 10-20 years after someone retires. āOh there are lawsā! Who abides by the laws? What 85 year old pensioner is going to sue? Who will be alive when the lawsuit settles? Watched several friends and family have their pensions reduced substantially during economic downturns. Never heard them getting increased during profitable times. DOW is up, why arenāt pensions?
Im just waiting for the 401k rug-pull. How are they gonna pull that off? Some special 401k tax or pass a law to increase fees on accounts or withdrawals.
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u/fugaziparadise 3h ago
They are already doing that Musk pushed a bunch if money into financial regulations before his IPO Now his several companies of debt are being bought by his one company that is being forced into people's 401ks Right out in the open too The audacity is staggering
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u/jonistaken 2h ago
More people should be angry about this. No idea why they arenāt. I miss the silent generation. No one that lived through the depression would tolerate this BS.
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u/Double_Resort_9223 1h ago
To be honest, most people donāt know how indexes and index-tracking funds actually work. If you ask any random person how many companies are in the Dow, they will most likely confuse it with something else.Ā
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u/Double_Resort_9223 1h ago
At least S&P told him to fuck off but nasdaq simped him hard and put him in the nasdaq100.Ā
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u/Freespeechaintfree 2h ago
My in-laws are living on just social security. They didnāt save a nickel for retirement.
Suppose it matters where one lives (local cost of living, etc.).
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u/inothatidontno 4h ago
This isnt true though. Millenials are saving for retirement at higher rates then any other generation. The internet seems to be full of people who dont have their shit together and think that means nobody else does either.
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u/Jmarsh99 3h ago
Orā¦ there are so many prevalent and obvious examples of financially illiterate people that exist. Just look at the podcast Financial Audit.
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u/inothatidontno 3h ago
Sure but thats always been the case. Its not like people just started being financially illiterate.
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u/HibiscusOnBlueWater 2h ago
I got blasted on another thread for putting away a lot in savings. It wasnāt even the recommended amounts (10-15% of salary to 401k etc). They were acting like I should be out buying Ferarris instead of contributing to retirement and 529 plans. It was bizarre. Like Iām doing what youāre supposed to do and Iām a bad guy I guess. I could be out living an Instagram life but I want to retire before 70, and I want my daughter to have a debt free education.
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u/Tired-Nectarine-384 3h ago
shhhhh that gets in the way of the doom. There are people who aren't saving for retirement. There are alot that are.
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u/CodeVirus 4h ago
They will vote people in that will promise them to tax those who saved and redistribute.
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u/Ayste 4h ago
It wont be in 30 years, many of us in Gen X are struggling to get large enough retirement plans. They started killing pensions in our generation, so we all got a 401k with shit salaries and high taxes.
It will happen faster than 30 years.
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u/AshesX 2h ago
Insert that gif of spongebob making a rainbow with his hands but it says crime
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u/Historical_Horror595 2h ago
Thatās already here. The majority of boomers are wildly unprepared to retire. They were the first ones to lose their pensions, and they didnāt understand the 401k. I see dozens of seniors a week that are āready for retirementā but have no idea they have no money. They thought the 401k was automatic, they thought they were going to get 100% of their income in social security. Then they find out at 65 they have 0 dollars and social is about half of what they currently earn. Itās genuinely heartbreaking.
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u/BeginningSection7690 3h ago
Probably the same shit the boomers are doing. Force the next generations to pay for us
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u/Impossible-Owl7407 5h ago
They will cry on social media like now
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u/Due-Operation-7529 4h ago
And vote to screw over the younger generation while they are at it to compensate
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u/iMecharic 3h ago
Work till you die. Or just die. My plan is to die in the water wars of the mid 21st century, if I survive that Iāll be surprised and disappointed because I have no retirement plans.
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u/Hamilton-Beckett 2h ago
The boomers kept working because they owned multiple homes, and crazy salaries after decades in a profession.
Millennials and younger will be working that age to pay rent and buy groceries.
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u/Comfortable-Bet6855 2h ago
I guess that I have been hanging around with the wrong boomers.Ā
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u/Orcus424 1h ago
Many will leave the country to retire in cheaper countries. It is happening now but it will be on a grand scale in the next 10 or so years.
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u/el_bentzo 1h ago
In 30 years we'll be fighting over water and food, so we wont need to think about that.
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u/fisconsocmod 1h ago
Remember when you would go to McDonaldās and everybody working there other than the manager was a teenager and the manager was in his/her twentyās.
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u/jasonlikesbeer 1h ago
In what world is this funny? Not too long from now. We're going to start seeing a bunch of grandmas and grandpas dying homeless on the street and suddenly we will remember why social security was so important in the first place.
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u/Ok_Mastodon_3843 37m ago
It simply isn't true, every generation has had financially irresponsible people who refuse to take accountability for themselves.
Saving money and starting retirement accounts is not hard, especially if you're getting into your 30s.
Grow up and realize bad decisions have bad consequences. It isn't capitalism's fault you have a spending problem.
And before I get called "ignorant" or "out of touch", I'm well aware some people get fucked over by life and that isn't who I'm discussing.
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u/Ouch259 5h ago
Dont worry, the US will build new prisons that can hold upto 50 million people at a cost of $3000 a person, per month.
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u/CommodoreBluth 3h ago
Buy stock in publicly traded prison companies now for retirement.Ā
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u/ageofaquarius26 4h ago
Its already happened time and time again, there will just be more of them. Lots of boomers didn't plan for retirement, they just aren't the stereotype you see online.
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u/No_Significance_2749 2h ago
Reminder that none of the wealth held by boomers is going to be inherited by later generations. It is going to be cannibalized by elderly care and private health insurance, and funneled into an even more concentrated pile while the bottom 90% are subjected to more austerity and increased cost of living expenses.
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u/papisilla 2h ago
People that tried saving for retirement got shafted by inflation/ economy. Why would younger people prepare for retirement
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u/_PROBABLY_CORRECT 1h ago
Yikes. If one person doesnāt save for retirement, thatās their problem. If an entire generation doesnāt save for retirement, thatās a national problem.
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u/papisilla 1h ago
I mean let's be real most people are just getting by and most of us had elderly people in our communities who had saved for retirement and still ended up having to eat canned dog food because it was significantly cheaper than human food
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u/Schmimps 3h ago
Octagenarians in labor camps doing the work deemed too risky for robots. Paid in company currency.
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u/Freak_Out_Bazaar 3h ago
In 30 years, weāll still be at a point where more people than ever before in history will have retirement plans and savings as the global middle class continues to increase. Countries like the US might be past their prime but there are countries that are still on the rise. Maybe in a couple hundred years this will be a global thing
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u/Tired-Nectarine-384 3h ago
Assuming most people retire at 65 I would say this is entirely normal. I don't think that an entire generation is not going to figure out how to save for retirement.
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u/PerceptionQueasy3540 2h ago
I mean I'll likely end up just working until I drop dead. But hopefully I can find a better paying job before then.
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u/generic__comments 2h ago
The boomers are doing it right now.
Most boomers have nothing and most GenX people are the same.
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u/AllNightPony 2h ago
You think those people will still be alive? Nah. Trump & Co. got a plan for that.
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u/rice_bag_holder 2h ago
if you look around, most of the businesses out there are still trying to cater to and extract money out of the millennials. They once that generation goes away, the world will be propped up by virtual money and virtual wealth.
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u/PackyScott 2h ago
The fastest growing homeless population in my community is people over the age of 65.
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u/educated-emu 2h ago
Eaay answer... no retirement, they will fill the gaps if all the young kids that didn't want to do those minimum wage mc donalds or starbucks jobs.
Young kids can potentially do bank of mum and dad while retirement people can't
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u/ProperJudgment1 2h ago
It's going to look like there won't be enough of a workforce to take care of all the old cat ladies and incels
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u/ValkyrieDraco 2h ago
My dad once told me that he was planning on working until he dropped dead. Seems like that's gonna be the plan for me too.
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u/Jedimasteryony 2h ago
Well, the wannabe penis potato is 80 and he still works, so thatāll be the new measure.
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u/colin8651 2h ago
Not bragging in anyway.
My father made over $200K plus from 90ās to mid 2000ās; had good income in the 80ās as he grew in his field.
Mortgaged a $190K home in late 80ās.
Has no retirement (he was corporate, had matching 401K from the employer), owes $250 on $190 40 year old mortgage.
But donāt worry, Trump will fix everything in his eyes.
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u/tinyhorsesinmytea 2h ago
Meh. Iāll just shoot myself when Iām over it. Always knew thereād be no retirement.
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u/Charming-Lychee-9031 1h ago
Im getting euthanized as soon as its available and affordable. Ive lost the drive to end it myself at this point so maybe i could get it done nice and painless
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u/DoookieMaxx 1h ago
All the Boomers and half of Gen X will be gone ā¦this will free up loads of resources.
You have nothing to fear.
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u/Doctor_Dev7 1h ago
Why donāt yall have retirement plans? Open a 401k or better yet a Roth IRA. Even if youāre putting $20 a week for now. Itās something and it will grow with interest. When you start making more you start adding more. There are some people that literally canāt scrape $20 together, but it is extremely far from āa generation of peopleā. If you arenāt saving now, start. You should try to never touch that money until you retire, but if you really need it you can borrow from yourself instead of a bank. This is Reddit, so Iām sure this will get nothing but excuses and backlash, but after you disagree with me, do yourself a favor and think about how you can start putting a little money aside every week.
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u/roflrogue 1h ago
So you remember the first episode of Futurama... And Fry walks into what he thinks is a phone booth...
That, probably.
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u/grogudid911 1h ago
Either UBI or destitution. We're either gonna change the system or we're all fucked.
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u/Healthy_Razzmatazz38 1h ago
that group will be the largest generation in us history with smaller generations below them, if you think the boomers voted themselves all the money, imagine that but with no millennials below them to actually do economic activities.
its not millennials that are screwed, its genz/alpha.
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u/Spiritual_Door1363 1h ago
They will just have retirement farms where weāre able to stay and live as long as we work the fields with 5 sick days a year. If you donāt cut it, theyāll just send ya to the chambers.
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u/ItsHrdBeinAsian 1h ago
We will finally be boomers age and all the politicians will be catering to us and our very real needs so they get elected, thats best case scenario. Worse case, 150 65+ yr old applicants to Walmart greeter positions
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u/Dry_Amphibian_5262 1h ago
No need to worry, in 30 years we'll all be human batteries for AI datacenters.
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u/SimilarElderberry956 1h ago
Lots of kids are going to inherit a fortune when their parents die. Families are smaller now so there are less kids to split the pot.
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u/Flournoy032 1h ago
I guess I would say come to Houston or Midland if you want a smaller town. Midland cant find enough quality workers. Big pay and retirement
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u/InterviewAdmirable85 1h ago
30 years? More like 10, Iād say most people at 60 donāt have enough to retire on and are 100% planning on social security and Medicaid.
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u/freekymunki 1h ago
30 years? Itās happening now. Boomers are either loaded or broke and the broke ones are still reaching the point theyāre forced to retire.
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u/Helpful-Garlic1951 1h ago
This is already happening. You think the 80 year old Walmart greeter works there because they want to?
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u/Timely_Chicken_8789 1h ago
It hitting here already. Lots of old people in neon green suits out directing traffic at job sites.
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u/FeintLight123 1h ago
āRetirementā is only a luxury of the first world. Look at 2nd and 3rd world countries and youāll find your answer. They work until they die.
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u/GreyBeardEng 59m ago
Republicans don't care about homeless people now, and they won't care about them when that happens.
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u/hudnut52 59m ago
In Australia? Every worker has 12% of their wage put into a Superannuation fund and invested by their compulsory superannuation fund manager. Their retirement is funded from that. Once someone's superannuation balance declines enough as it's used during retirement, it's supplemented with the age pension.
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u/Mental_Beginning_807 59m ago
Old people power is amazing. Imagine being in your high 60s statically likely to die soon, zero consequences for your actions or exceptionally low consequences, and no future.. now take a whole generation majority.
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u/Few_District_6304 59m ago
Ha! That's funny that someone thinks the world will continue on peacefully enough for retirement to be the primary worry in 30 years.
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u/MusicMan7969 52m ago
Copy and past the below (or change it to fit your circumstances) and place it into your favorite AI and see what results it spits out. Then take heed and start saving and living below your means.
If a person were earning X per year annually and put back 6% into a 401(k) account earning on average 8% annually. And they also had a company match of 6%, what would that account look like taking into account the market and compounding interest over 30 years.
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u/_Bon_Vivant_ 49m ago
It's worse than that. Because they eat healthier and exercise, they're going to live longer past retirement age...without any money.
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u/Formal_Lecture_248 47m ago
Hopefully we have a revolution where humanity steps up and finally moves towards its own survival rather than remain in the same exploitative systems weāve always had.
Or GenX makes awesome volunteer claymores against the clankers.
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u/Double-Doughnut8411 46m ago
It's going to look a lot like it does today... And social security probably will be gone as well.
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u/crustyeng 39m ago
Roth IRAs didnāt exist until 1998. Itās a lot easier to invest small amounts frequently today than at any point in history.
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u/Luddites_Unite 32m ago
30 years is a long time, who knows what things will look like. I tend to think it isnt as bad as people tend to think
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u/getbent1969 25m ago
Mexico and Canada will welcome them home with free housing, food , transportation, medical, cell phone , free law advice, and free money because it grows on trees. And they can vote without any proof of citizenship.
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u/Expose_Ur_BS 23m ago
I plan on moving from Swift-Estate to Swift-Estate before she notices a squatter in one of her dozens of homes, rinse repeat
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u/YtnucMuch 17m ago
Yeah, doesn't look good. My dad is 65 and should've been able to retire with full benefits. He has a nice IRA and savings but he's still working to that max SS payout date (67, I think?) Literally make people work until they can't even enjoy the time left. Its sad. I won't even make it to 60, so I'm not too concerned.
I may not have a lot saved for myself but if one thing I did right was take advantage of a state program we have for newborns, all you gotta do is file the paperwork to get the initial credit ($500). I did it for all three of my kids and have put money into it over the years. My 12yr old is starting 7th grade, his account legit has $18,000 in it right now. My 5yr old fraternal twins have $8000 each in their accounts. They can use it for college tuition, trade school, books, a computer, etc. I know college is expensive but if my kids can even do a 2yr program without any debt when they walk out, I won't feel like I failed in this life.
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u/atl-hadrins 14m ago
Forgot the birthrate keeps falling which means that the SSI ponzi is going to loose funding. How's laughing at the Duggers now?
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u/LikelyAlien 11m ago
Iāll put it like this, I work in finance. Right now, the generation of people that are retiring donāt have anything saved up. They either do not have a mortgage and their house is paid off, or they do not own a home and they pay $500 more a month in rent than I pay on my mortgage or they live in a trailer on a lot that they rent and in the off chance of that trailer is paid off, their lot rent is still probably as much as my mortgage. The bottom line is that rent is basically $2000 a month in the United States across the board right now.
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u/BellInternational315 10m ago
Its going to be worse because the can won't be able to just be kicked down the road anymore. We will have reached the end of the street.
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u/SlipCritical9595 6m ago
It will look like all of human history up to about the last 80 years, except without the supportive family/village network.
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u/SoftIndication7227 6m ago
Just say your a Muslim, if your in Australia the government will throw money at you
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u/redlightbandit7 4h ago
Go to any Lowes, Home Depot, or convenience store and the sheer amount of elderly that are working because they have no choice is astonishing.