|About||1 week ago|
Biggest zing at the very end. Got damn
I mean I have twice my take-home salary sitting in the bank... thank you inheritance!
Your inheritance was 2x0?
Matt’s beating the system.
I’m 37 and I’m not even close to that. Must be all those avocado toasts.
At 35, I was just starting my career.
I’d say he’s shooting holes in it
2 * 0 = 0
Obviously you’re just a lazy snowflake and it has nothing to do with the past generations shitting all over the economy and academic system.
You'll get fined though
That’s nothing, the guardian reported that in my country, providing you own your home, you should have £250k saved to survive retirement.
Cool; I’m 36 and at the current rate, I will have their current recommended savings by the time I’m supposed to retire.
They must be talking about people about to retire. But no worry in Brexit Britain 250k will get you a mars bar. It will be work till death
Matt found a loop hole, and I’m knot talking about the noose in his living room.
Without college loans, I’d be pretty close to this goal. But currently, no.
What kind of upper middle class pipe dream is that?
You typically are making the most you've ever made at 35, how are you supposed to have that saved twice and also pay rent and tuition?
The fact that I’m well on my way to this goal is a nice reminder to me that living with the folks has been a good decision.
I blew it on property and expensive Scotch.
Shut up, Matt. No one likes you.
I'm 32 and have exactly that saved, but about to drop it on a house
Well shit. I got 10 years. Guess there goes all my travel plans. And to think I just increased my 401k contribution...
I don't think anyone survives
You're a GenXer... you're supposed to like sadness with your toast not avocado.
I mean technically speaking a House is still an asset you can leverage during your retirement. Building equity is still a good choice.
That is harsh, but true. Death and taxes
MATT. My man.
Wait....the shotgun and shells? Or the money?
Monthly salary or annual?
They would tax death, too, if they could. Oh, wait, ..
In fairness, you should always pay yourself once you get paid, even if it us only a percent or two. To form a saving habit.
Did you forget to be born into a wealthy family? So many people miss that step.
34 here. Not even close to double my salary. I’ll be happy to be just debt free by December.
Inheritance tax. But saying goes only two certainties in life death and taxes
shit, you are right. I made a critical error.
I’m retired, and have -14$ in my bank account.
I don't want to boast but I can do this easily! £0 X 2 = £0.00
What if your salary is only 1
he is going places...
Is that saying like, if you earn 40k, your pension should be worth 20k? Doesn't sound like much
Just buy 1 shotgun shell ($1.37) and borrow the gun.
I'm sad now.
I've resigned myself to having to work til I die, barring a miracle
Avocado toast and iPhones. Just overflowing with iPhones.
Retire easy with this one simple trick: deaths in the family!
I was playing with my retirement calculator and I can get to 2mil by the time I retire And have enough to pay 80% of my salary til I die and
Still grow my retirement fund to give to my kid
People are reading the article wrong. They seem to think it reads "here's a delusional method that you, average person, can retire with" 1/2
What it actually says is: "you, average person, are not going to retire." 2/2
Or accumulated total?
What's that in USD?
There are other methods too, but they all require some luck. My girlfriend and I are both working professions, and we both know scores 1/2
of people who were just as good as us who didn't make it because the timing was off, the connections weren't there, or just bad luck. 2/2
right? i'd have to not have debt in order to be saving money.
Annual. The old advice would be to have a separate account with a few months salary saved for emergencies, too.
As a 37yr old engineer I hit that goal by 35. Should have dumped more into 401k starting earlier though (only did 8%, should have done 15%)
Like twice my years worth of salary or month?
But as an engineer, I’ve had the cushion in my salary that allows that. Would be much harder if my salary was 1/2 what I make.
In same boat. 37 and just started finally getting paid enough to truly start saving. Haven't had enough to even enjoy fun things like vacati
I hope they're talking about the monthly salary... after taxes...
How is the retirement in your countries? In Argentina after 30 years of work and at 65 years old you quit your job and the state 1/2
twice the salary as in monthly salary or yearly?
2/2 gives you like the 1/3 salary of you get... The mount varies, but is in that order
If I’m unemployed, then I have one year’s salary in the bank.
It's estimated that over 75% of millennials will never be able to retire in the conventional sense.
Based on the fact you could buy a good sized property for less than £50k only 20/30 years ago. Not now. There's no way.
The best part of the gen x/millennial curve is that we don't get mentioned.
That must be why Argentina is always barely staving off hyperinflation.
Same here. It pays to start early. I think the same plan recommends that you have 4X by age 40. Already there!!
At 37 I have 3 times my salary left in a mortgage, does that count?
I'm definitely not an engineer though. But you make room for what's important to you no matter what you make.
Pension? Where can you get pensions these days? 401k is as close as we get, and even those are becoming less common.
Congrats on the (future) house! That's still very worthwhile.
Somehow we're also supposed to have a full family, a paid off house, two cars, and have started a small business by then too.
The opposite. If you make 40K you should have 80K saved for retirement by age 35.
63yo Medical Doctor here. My ex-wife has had a wonderful retirement for the last decade+. Me, working till I'm dead.
I'm 39 and I just ate an avocado and a handful of goldfish for lunch. I have about a fifth of my salary saved. Am I winning?
Who is ready for downvotes!!! I am 29 and have 1 years salary in the bank. And own two cars and half my home. Livin that Dave Ramsey life!
Fuck retirement experts!
Damn.... you're rich.
Back to school?
Murica it’s been “work till death” for over a decade
Just buy one shotgun for ten people
It should start to snowball uphill from there. Hopefully.
Thats so last year. Its mashed peas on cheezits thats whats up
Thats a taller order
Australia recommends having $1 mil in retirement if you don’t want to eat your shoes for dinner.
I'm paying 30% in taxes right now, double my salary will never happen at this rate!
In uk retirement age is slowly creeping. Buy my time retirement as a concept will be gone.
I am well on my way to this goal...but I am buying a house and will be putting 40k down...will no longer be well on my way.
Most of that 40k was saved when I lived with my parents from age 22-25...miss those days.
I suspect it's a combination of things, including increasing longevity, shifting the retirement age.
I don't know what a 401k is but in the UK you get a government pension and one from your employer
Uhh I only started making money 4 years ago, how am I supposed to save that much!?!?
Ahh, I misread, but that seems about right. I put in 5% a month, my employer matches that plus a bit. By 35 I expect it'll work out
Buy a bullet, rent a gun. It's simple stuff guys
Hahahahahahahahahahahahahahahahahahahahahaha I am 34, I guess children didn’t come into their equation.
so if Stree Steer lowercased wish z
And funnily the guardian has to beg for money to stay in business.
Or less. I remember those days!
Yeah I'm very tempted to move back just to save up for a place to own rather than rent.
I got no debts !
You need $14 just to be broke
Don't think I'm going to make it to retirement. The satire is killing me.
My retirement plan is to live in a tent while renting out my house. I'll go vegan so i can eat my lawn clippings which i mow for xtra cash
Nope, no downvotes.
Survive retirement? Lmao
Man, when I lived with my parents, they just borrowed money off me and borrowed my car. Think I would have done better if I moved out sooner
I have -1750 saved
Like double your Annual salary? In savings? We have a retirement plan through my wifes work, but only like a months salary in savings, we're
GenXer here. You are supposed to like French toast. It’s still toast but with a heavy dose of surrender. It’ll take you down every morning.
Will things get any better for people or will the goal post keep moving ever farther away?
trying though, every month a little goes in, we want to have at least 3 months in a "do not touch" savings, for emergencies.
IIRC, they basically said "since people are delaying children until later in life, you shouldn't have any yet".
I wish someone would have told me this before I was 34, shit!
I have no income and $4k in retirement savings. Yaaaay.
December 2022 for me
I'm legit becoming a hooker for my pension.
What if we all will a shotgun to each other?
I'm 36 and my 401k is just a little over 1 years salary. Seems I'm doing better than some(most?) but still woefully under-prepared, LOL
You go girl
My old job offered to send me the 401k money they were saving for me. You bet I want free $60.
I have been putting all my spare money into caring for and improving a home I bought cheap off a family friend. I feel this.
NEXT: "Retirement Experts hate him!"
I think you are right, but uk has worst state pensions and later retirement age than most other eu countries.
Guess am goin back to school /shrug
Richer than me
With the current exchange rate; £0 x 2 x 1.35128 = £0 x 2,70256 = $0. Exchange fees not included.
Thanks. I wish people would keep that kind of advice to themselves. Now I need to cry.
What about Euros?
I can build any website in the world and I've been unemployed for a year. If you guys wanna bitch about personal problems.
I mean ... were they your goldfish?
My trick is i don’t care, so i dont worry about it.
“hey im not the only broke ass?? this is great!” -_- strive my friends strive
mine is 68 in the US. i feel like i prolly won't make it that long or too long after. what's it like in the UK?
Damnit! I can’t even keep up with the it crowd. Are Pogs still cool?
I don't begrudge you your success, so long as you realize your success is atypical. The system simply isn't designed to allow otherwise.
Did they get permission to use that master of none scene?
like getting murdered.
Ha! Oh shit, I didn't even realize the connotations of that image! Nice catch, dude.
37 myself. I would have had it if the world economy hadn’t robed me of everything in 2008. But I am now debt free and small biz owner again
It’s been so long dude forgot how to spell vacation. It’s hard out there
At this point, I’m ok with jumping of a cliff when my money and prospects run out. Had a decent run. An ok run. A run.
That’s pretty good. Well done!
No, there is another reasons
It's what I'm doing just now too
A few years back they moved women from 60 to 65 to equal men. Then moved age to 66. Soon to be moved to 67. Only way is up not down.
I've had a 401k since I was 16.... I currently have about a third of what I make now in there. I'm 29
Fun fact: A outer space shuttle takes 5 years to make
Same boat, but you and I have 40 years to catch up, as that will be retirement age then :-(
Yeah blame past generations for all your shortcomings a dismiss the fact that it's the best time in history to be living in.
Fucking moneybags over here flashing his cash
Just turned 38 and took a lower paying job to be closer to home so I'm not even gonna be close.
As long as we don’t blame the ruling class for dismantling whatever social safety nets were in place before 1980...
0x2=0 I’m still on track
I'm to lazy to find the article and we like trashing the headlines only
Also... what flavor were they...?
Oh right, I forgot: I have a well-paid job, but THE BOOMERS are keeping me down! I have two kids, but there are TOO MANY HUMANS on Earth!
It's The Guardian
I dunno man...the 80s were tits.
True, there are lots of reasons why Argentina has a terrible economy.
Across the world yes, poverty levels are lower. Standard of living higher. But middle America is pretty fucked financially. Separate things.
So broke that if someone tries to give you stuff for free you're going to have to ask them if you can arrange a payment plan
I thought I had a decent retirement plan, but I won't have that and I've been lucky enough to be saving since 25...
I'm halfway to 38 and have a little saved. Maybe 1/2 of one years salery after taxes.
Hahahaha - 50000$... snif snif
I was reading how to attain German citizenship today, need to get off this sinking ship and leave the rats to it.
I hate that we've accepted the futility of it. The right has already won and the only thing left is to wait for the shit to creep in.
Beans and rice are good for you and cheap. Save up. Get a side hustle on the weekend for cash. Cancel your cable stop buying phones be cheap
Jokes on them I don’t have a job. 2x0 = 0
Goddam millennials ruining the retirement industry.
I like how it starts out on a low note, but then ends on a low note. +1!
wow. Im 34 and I guess im doing a lot better for myself than I thought. I dont even have a degree. Learn a trade kids
Mandatory tuition payments are pretty low to be fair.
I hate this. I bought a house, which I know is rare, but I'm supposed to save money and improve it all at the same time.
That's cool and all but what's that weird looking L before 250 mean?
I know of a guy who is planning to fix that last point, he says it should be a snap
So I have 5 years to accumulate $140,000. Yeah not happening.
Easy, don't have kids.
do you know this from experience?
Yeah, if this is supposed to be in retirement savings account only then I am way behind. I do have 4x salary if you add home equity to it.
By 35, I'll be almost done with Dental school and 300K+ in debt. Am I doing this right?
Only the ones with ALF on them
Yeah I remembered at the last minute that goldfish are a snack food in the US. That looks funny to people from elsewhere...
True, but 30 years ago I'd have my salary saved AFTER buying the house instead of before :(
Easy solution for the rest of us: find lower paying jobs until twice that salary = our savings! I think that prisons are paid cents an hour.
Is that called a 401(Cobain)?
No arguments their. I didn’t say the foolish weren’t being sold the rope that was used to hang them.
So every day hundreds of thousands of people are being lifted out of poverty and attached to the electrical grid, but I cant make 1/
Have you been unemployed
Yes. This is the same comment I made on this image yesterday. If OP can repost, why can't I.
...good financial decisions so fuck this whole time period? Got it.
Euros are your O's, so zero
A few years from that still, and I have about -$500 saved, so I'm doing really really well.
Matt is my Spirit Animal.
If you guys can get along, give it a shot! Try arranging some low rent or other financial responsibility, e.g. paying the utilities. That 2
Look at mister money bags, can afford a shotgun
I'm looking at eu papers as a backup for my kids when they get older
No worries, by then medicare will be fully destroyed so you won't be able to retire anyway
well by that time I'll hopefully be done with grad school and make more than I owe to survive!
can go a long way towards easing any feelings of guilt or resentment, even if it is just a couple hundred a month.
No, thanks to factual statistics.
Having kids in your 30s is already not that easy for women, and a problem in their 40s. So - advice for men only?
I’m 38. I was in the army. I have an associates degree from a community college. I just put an $80k pool in my back yard
I think that's 250 by the time you choice to retire. not years before hand. But it also completely depends on your salary currently
DANN YOUR DELICIOUSNESS, AVOCADO TOAST!
Hey, that's huge progress, and when you're debt-free, that money can start to be put toward your future.
Oh sh*t! I passed the tutorial too fast and i clicked on the wheel without looking... How do i reload an older save?
Good on you.
I dun feel so gud
based on what?? you can’t claim opinions as facts. sorry.
This! Increase your autodeposit every time you get a raise. Maybe even just split the difference.
My retirement plan is to deal drugs so that someone else will shoot me in the mouth with a shotgun.
Is fucked no matter who is in power. Our two uk options are too far right or too far left. Leaving central old me stranded.
Give it time
But then you become the stereotype of the millennial generation mannnnnnn
I'm so poor if someone robbed me they'd decrease their net worth
I've got a year and some months to increase my savings by 6x it's current value....which could only happen if I made more, so impossible
*Laugh in Western European*
Where i live the governement takes 30% of my income plus the purchase taxes are 15% and at the end of year they take 3000$ from me
it would be nice if I could afford that! but all my "extra cash" after rent and bills just goes to groceries.
Or we could not blame other people and blame yourself. I've saved more than that, own a home, paid off my loans/debt, etc.
obviously except my mortgage, that will haunt me forever
Except for your folks. If I asked to move back in my mother would say, "why don't ya crawl right back in the womb ya (expletive)" SPARTANS!
Without loans I'd be fuckin rich.
Sorry, it's currently illegal to convert GBP to Euro
actually you are according to the stats. So many people don't bother saving anything & then blame others bc it is of course not their fault
Ex wife. Alimony.
“I somehow managed to overcome a system that disadvantages the middle and lower class so to me it really doesn’t exist in the first place”
I was 40 before I had a positive net worth.
Don't sell yourself short, screen clients, have something on the side for your CV. And organize. There are unions and groups and advice 1/
Think you need to work on options first and grow. Hard work, a little luck and skilling up as you push on. Good luck!
I am unemployed right now and I am not in debt... So I am good?
centers and whatnot out there. Use them. Don't take it to the streets, it really is dangerous. Good luck! 2/2
That's okay, if you're like me, plan on working well into your death.
Retirement? AH AH AH AH... You mean they still believe it's a thing for the new generations?
I'm in a PhD program, I have to just survive for the next 5 years. but I do get free health insurance and a pension! So that's a bonus!
See I don't think it is rigged, you just have to work hard, be smart, make the right choices. 1/2 the people in college didn't work so they
Living it up now instead of later? No shame in that.
I tried avocado toast the other day. Its delicious.
There are way too many variables. Kids? Bonus included? What about health-specific savings? What if you live on way less? Cost of living?
If you start work at 28 and save €50 a month, you'll have 3600 by 35. Put that in a bond with 7 % a year, you'll have €5500.
have stupid amts of loans, I worked full time, didn't party like crazy, saved after college, paid my loans, didn't buy real nice things, etc
That is relevant to your financial situation so please let us know.
I’ve never even seen a dinky studio flat sell for £50 or less xD
I'm pretty much counting on North Korea nuking us. Trump 2020!
I'm 43, planning to retire at 55, partly because I see automation / AI already creeping in; if I make it another 11.7 years it'll be nice.
Well look at you, not much more skilling up to do. If you remain an academic after consider writing some books.
£250k... and that's assuming you own a house on top of that.
Do assets count? My house is worth more than twice my salary, but my savings is not even close. I'm 30
No I think they are trying to say that nobody can afford to have kids now until they're approaching 40
The other thing is that I actually don't plan to live forever. I am targeting 20 years of retirement -- age 55 to age 75.
Exactly. The nice thing about the 401k is that the contributions don’t hit your bank account where it’s too easy to spend.
Live like no one else, so later you can live like no one else. I'm 35 and met this goal. I'll also receive my military pension in 8 years.
Thank God I got a pay cut, easier number now
I wanted to do a doctorate, money stopped me both times. Second time was offered it as part of a senior lecturer role, but money was awful
Looking at these comments I almost feel like I've done something wrong by having 6% if my income at a 100% matched 401k at 22 since I was 18
So who is having the kids then? By 40, a third of all women are already infertile.
Wtf are these "retirement experts"? Are they like people who were born into money that are "business experts"?
Do it the real man way and just bite off out the arterys in your wrists
haha I have 5 years of skilling up! but yeah, there is some okay money in academia!
Twice my monthly salary? Sure.. Yearly? Not fucking close
how are you supposed to save up twice what you are making :<
With a lot more money I’d be rich too. Ah well..
money is awful, but I live in a cheap enough town that I can survive at least! And it's required for all my goals in life
No, you can be saving while paying off debt. I graduated with $50k in student debt, still put 8% to 401k to maximize company match.
Yeah and thongs really aren't that filling
I’m 38 and need my paycheck to break even this week
We have both through my husbands job here in the states
27yr old engineer here, doing roughly 14% starting this year - good to hear Im in the right ballpark :)
I hate owning a home lol. Mainly the 2% property tax over here. And the town trying to raise my assessed value by almost 60k 2 years ago
Hundreds of thousands of people being lifted out if poverty and being attached to the electrical grid every day is fact. Sorry if you dont
You really are ignoring that your anecdotal situation is not applicable to the studied ratio of disadvantaged.
like those facts.
As long as Rich gives his consent...
If you leave an academic environment so some short business courses and soft skills courses. Every little helps.
What are you researching?
......and then morons vote and your savings gets wiped out because regulating banks is communism.
Turning 31 this year... shotgun to the mouth is a great retirement but maybe too hardcore..
You get a downvote for the last comment on the post. Was funny till someone had to be real
Ideally your lessons will suit you well in the coming years.
Holy fuck that last comment
Hey there, 47 with no where close to that but I am saving up for a shotgun!
You can't make good financial decisions when it takes more income than you can generate to maintain that modern standard. Systemic poverty.
Took me til 40 before I was at 1x salary savings.
People who are smart and make good financial decisions reliably become very wealthy by middle age.
Im just hoping something bad happens to the economy to the point where they have to wipe the student loans.
I am preparing for the next one
I dont think you know what good financial decisions are if you think that.
Gen X already did that. You don't get to claim victory.
You're ignoring the fact it is not just "young people" with no savings the group that everyone blames for their misfortune, 29% don't have
And bank rolled child support, probably.
you can’t call that ‘the best time to be living in.’ it depends how you define best. doubt amish folk give a shit about the electrical grid
any savings either and its because they made bad choices too just like the other younger people complaining.
Real talk - can I get like 30$ off of you?
They didn't poor tax you? Account was over drawn, so my bank charged me 40 dollars and the place that wanted my money charged me 40.
Same, like oh gotta feed and insure those yard apes, what money?
secretary here and yup! on track to a comfy retirement and living a mostly debt free life..
I’m 44 and have fuck all in the bank... to make matters worse, all I have is an air rifle
“And yet I’m still bound to the endless cycle of debt my grandparents didn’t have a problem with. But it doesn’t exist so stop whining”
Be honest...how much of your dstudent loans paid for school versus unnecessary bullshit? How much of could have been avoided by Com College?
Twice of hourly salary?
Reading these comments has me seriously concerned not only for my own future but for the future of our entire society
Really I don't get it, what's the fear over the changing of economic security? I mean, you can only buy into a promised system so much,
Support brexit. Old marxist leader and shadow chancellor. Until top of party changes I'm not voting Labour.
Yep, because making good financial decisions single handedly controls whether or not you are in poverty. Not a retarded over-simplification.
Yes I’m winning! I’m a volunteer and I have no savings.
expecting out of it what you were promised, but seem to angry when the agreement changes, it wasn't an agreement you made. You grew into it.
I talked about this today. Turns out I have to work the morning of my funeral. I have the afternoon off though.
this is bullshit ... , not bragging but at 35 I had 590k in retirement. Not even close to half. way more... and yes, BTW, I am bragging
In the US do you get pension contributions taken out of each paycheck?
Pretty sure everyone sees less poverty as objectively better.
Your income is ~$1000 per month. Monthly necessities are ~$1100 per month. This is how it is for many disabled, poor, and elderly people.
and here, ladies & gentlemen, we have the “Bootstraps Model” even in its anecdotal form, you can see how easy it dismisses facts for fiction
If I sell everything I own, and live in the car, live on other people's lunch at work for 2 years, I might be able to do it.
3. I understand most people don't want to work for their whole lives, and when you're talking about horrible employment like factory work
Don't worry, we'll be the second set up against the wall. Boomers first, Xers next.
I put 8% of my paycheck in retirement, with the company matching 3%. Once I get student and car loans paid off, I'll save those funds.
i’m done with you.
But hundreds of thousands o wages are being cut along with the largest loan bubble in history forming for students. You have evidence?
I bought my first home at 27, sold it and with the profits paid cash for my 2nd. Rented the other two rooms for my mortgage and utilities.
4. or fast food, construction, retail or various hazardous work, you simply cannot work it in your old age. Admittedly, some of our last
Depends on how much smashed avo you can afford to put on top.
“The systems not rigged, there is no cycle if debt” & “i’ll never escape my mortgage [that my grandparents didn’t have a problem with]” okay
This right here.
They mean twice your _hourly_ salary, right? Right??
Knowing my luck, I'll be caught up in the X wave even though I'm a cusper between X and Y.
That’s great. You should aim to maximize your contribution as soon as you can. IRS limit is ~$18k/yr, I’m almost there.
That said, I currently only have about $13k in my retirement fund so far. Though I am on track to a not poverty retirement.
I pay myself by spending it right away. Any recommendations?
English pounds. A form of currency.
I've been too late for most fads in my lifetime, so I'll probably be early for the revolution.
34 here and as a child I invested too much in Pogs and Furbies fml
Ten percent of your salary every week + 401k. Doable.
I have a car and house the bank let me take care of, if i was debt free i could have a years salary saved
5. generations really made out, such as those in their 70's, because they got the real benefits of Social Security at 65, but they did not
Made double payments for 6 years and still had money to fix it up before selling it
I am now following @mattprobably
Yep. You've lived on the previous amount before, you can survive on only incrementally more with a bigger savings account.
I don’t think you understand how much College, graduate school, homes, basic necessities, and healthcare cost now
1/2 If you start a 401k when you're 20 and contribute 10% of your salary, even if you only make 20k (USD) forever you could have $244,975
2/2 (assuming a 3% annual return) in retirement savings by 65. And you probably won't even retire at 65 anyway.
6.get it without real contribution to the system. The government basically saved their money and took out the loans against the value of
Retirement experts? What the hell kind of profession is that?
Shotgun shells are $7/each? Damn, inflation is crazy.
The poster themselves said they’ll never escape their mortgage. You realize that’s a new problem? Introduced in the last few generations?
I hear meth is good.
Great. I'm 40+ and have about 1/3rd my annual salary saved up. Retirement, here I (don't) come!
So you're Benjamin Button up in this biznatch is what you're saying? Negative 28 years old? How do you do it?
Debt free with half my salary. Small steps, right?
I keep drawing shit cards like "Company setback: Lose 50% of income" or "Emergency Surgery Needed: Lose all savings". Life is a shit game.
Look at your devious misinformation ass partaking in productive conversation (not saying you don't regularly, just a stab at your username).
I am with you. I own my home and between taxes and HOA, I am dropping 15k a year just on that.
I have zero savings but will have no debt after I get married in August and my house is 4x annual salary with rental unit in basement. 1/2
I hope assets count lol
When the iPhone is $1k..
You sound like a disciplined man Paul. Good on you.
My savings are 2x-3x my salary out of college. Is that what they mean?
7. that amount in the future.. The 90's and Millenium kids learned not to trust that retirement, besides most of us see that aged people
If you're unemployed, $0 x 2 = $0
I mean, right now, basically all my spare money goes to upgrading my cars, so I'm not all that disciplined. But I won't touch the 401k.
Were supposed to be saving money?!?!?
Such whiners here, why don't you just have your dad give you a small loan of a million dollars? It's called being smart
8. have a critically low monthly-income from the Security, it's stressful to live on it. I see the way Gen-Ex'ers got a bit shafted but
I have 10x my salary in debt saved up.
I mean you will, if you do a 15 year loan even a 30 year loan. In fact you'd be mortgage free if you paid the minimum before retirement.
Don't want to brag but after medical school and residency. I'll have a crisp -$400,000 in my bank account.
Your own fault
Double my salary when I was a pizza man in college saved by 35?
You need to treat yourself too, you can't take it to the grave. You could spend on more wasteful things too you know
Because the previous generation is responsible for all the worthless degrees everyone majored in...right? Like marine biologist in Chicago!
9. they're all prime age for employers who want a real work ethic and they will elevate themselves in the systems quickly if they figure to
If you make $40k, and have no savings, you bought eighty too many iPhones.
Retirement expert doesn't sound that in touch with how the world has been progressing for the past 30 years.
10. apply themselves. Shit labor is shit labor, you cannot suppose to help people who don't help themselves and we have a crazy range of
and never refinance, and get a great low rate to begin with, and you/your family don’t get too sick, & get free rides into college... yeah
11. wealth and opportunity in this country.
Ha! I have a good paying job, and I do not have that kind of savings. Too much smashed avo.
Bro, i couldnt save that much even if i lived on ramen for ten years
Party policy is pro brexit. Labour are doing bugger all to try stop or minimise the fallout.
The flavor-blasted ones are like $5, man.
Yep; no advocado toasts here, and i got about 2,5-3 times at 27. Have you considered trying non-advocadoed toast?
Screw that, I am 39 with 2 kids and and 0 saved.
Yeah, but where would you live, and would you have a car ?
I'm aware, but even middle class people are finding that hard.
Gus? Is that you?
No no. Free is free.
Ahead of the curve!
What does he do, out of curiosity?
36 and about half way there. Was this written by Baby boomers?
My loans were 90% tuition and then the rest was housing. I’m comfortably middle class with no credit card debt and a family. Just can’t 1/2
Yeah, in the US we rarely get either unless you're a government worker.
Ach, i’ve had that happen too. No, it was 14.95 in monthly bank fees, so no penalty on top of that.
As a gen-x, the only thing I have going for me is that college was still affordable. I sure as hell won't ever retire tho.
I don't need to refinance, had good credit score so got good low rate, have great H.I., paid my way through college... yeah
My current salary is $0 so I'm right on target!
My husband is almost 36 and is just starting his career. Yeah these articles are a crock of shit built to make you feel bad
B. Sorry, not to short change anyone, also some people just don't get familiar stability and will really work for their comforts.
It's coming up. I want to get some good credit & a chunk of change to buy property.
Just move to Sweden a few years before youre retirement and you will be put in a free comfy retirement home with young Swedish nurses ;)
He's not grading on a curve. If people aren't saving like that then they wont' be able to retire.
I’m 35. I have $6 in my bank account and I’m excited about it because we actually have a positive balance two days before pay day...
Man, I don't know what their logic is. I'm 29 and I have kids so I guess they are talking out of their asses?
We did get a new low unemployment rate!
Well you’re ahead of the game. I just know people who complain about student debt, yet are on their 8th iPhone, bought Alienware, XBOX, 1/2
2/3 reach the goal mentioned in this article. Have a 401k and job comes with a pension I contribute to. Also have college savings
Well, they did say OVER.
My retirement plan consists of falling through a sewer grate and suing the city.
Only time I'll approve of going vegan.
We buy the big, milk carton-like boxes. Whole grain.
Let’s say you retire at 70 (which is pretty late). 250k is little to survive off of if you healthily live to 85. That’s like $20/yr...
Already ahead of that
3/3 accounts for each of my kids, so that hopefully they won’t need loan debt to get a respectable education.
buy the shells rent the gun :)
I am familiar with this dispensing method. I approve.
2/2 PS4, etc and literally half their debt was used on things other than school. They will pay for coffee they pissed out 20 years later.
Let me do the maths here, nothin' and a nothin' carry the nothin'...
can u read?
College tuition is free if you're smart. Renting is cheap if you're in the right area. Food is also very cheap if you buy in bulk.
And at those ages medical expenses will likely be pretty high portion of costs.
Assuming you are out and about working by age 25 and my half drunk math is correct, you are required to save 1/5 of your salary for retireme
I'm 20. By the time it's time for me to retire it'll all be so smashed to hell there's been a communist revolution. Hopefully.
Not in today's market no way. I currently live with my parents in a 3 bed, that they purchased 27 years ago for just over £30k...
Today that would just about be enough for a deposit in an "affluent" area
I never said it was easy. People want to be well off while living an easy life which will never happen. Dont go to college if you're 1/
nt. To meet their standards
250k is so little to live off of.
Reading the comments I feel like I’m one of the few lucky ones. 32, got over £35k in savings, pension currently at over 50k and around 7k...
If you make 20k in California you’re not gonna give up 10% of your salary because that’s called starvation.
So congrats, but realize that a lot of people who complain about their student loan debt pissed that money away and are now mad.
...in various investments.
If you think about spreading it over 15-20 years.
...not smart and can't get a scholarship, dont live in an expensive city. Dont go out to eat. When you do make money, invest it wisely.
Not calculating for potential raises.
"Poor is the new Cool"
I’m Gen X & don’t even have a paycheck in savings. What is this retirement people speak of?
I am in such a wierd place in my life. I grew up eating chef boyardi for dinner in a neighborhood where I couldnt wear certain colors to 1/2
Im 34 and i have 1.5mil in the bank on GTA 5 and i got most of that through in game purchases of fake credit cards.
Law school is a great study...they all immediately go out and by MacBooks, the difference is they will graduate to a 60K+ job opportunity
I'm 23 and have 1.5x my salary saved, it's possible.
Delaying kids means fewer kids. It's weird to argue a point with you that you didn't even make yourself, so let's just leave it at that.
2/2 school because of gang activity. Now at 26, it seems perfectly possible I could get 2ce my salary saved by 35. If 401k counts that is.
You hope for a communist revolution?? wat.
You guys are cute. In my country we don’t retire.
I'm assuming by salary they mean "what you earn in a year"? Here that means monthly, and saving 2 months' salary over 17 years is cake.
I’m planning on buying a shit ton of silver after a crash. Once the FED starts QE again, it should skyrocket. Then buy property
Ah yes. I love not enjoying my youth so I can have money when I'm too fucking old to enjoy it. American dream right there baby
Contrary to popular belief, there's actually good theory you can read and not every communist is stalin.
They mean weekly salary or monthly? Because I know they don't mean annually
I’m going to have to die tomorrow then. Dammit guys.
No, but please name ONE communist leader who has not gone power crazy.
Much of Gen X is right there with you, at least in the US.
One time time tho, i had 3 checks bounce in quick succession. That sucked.
My point is to try & start saving, rather than wasting or reaching posts stanards. Everyone's financial situation is different & is variable
You must be from NZ.
Well, it doesnt get any better when you go back in history. That's life. You're not required to participate if you dont like it.
I found my grandma's correspondence with a retirement manager when she was 75. She had $10k to her name and she lived another 20 years.
Every generation has their problems. I'm sure the baby boomers didnt enjoy being drafted against their will to go die in Vietnam.
I don't feel bad for laughing at this, but I probably should.
It's easy to save twice your salary when your salary is $0 ;)
No, I’m from a civilized country.
Labour is certainly no effective opposition. UKIP is dead. Labour party policy is pro Brexit and stood last election on pro brexit manifesto
Oh man, if they were the pretzel gold fish, someone is rolling it the dough.
man i got the same, not vegan tho cause cheese and eggs, but i ll play music to the chikens so it ll be fine
Oooh I'm gonna google all that shiz. And message you if it works for me :)
Wait. Do they assume we still have minimum wage jobs? I bet that's it. So I'm only behind 90%
Fortunately the double of 0 is still 0 so I win.
Generally it's 15% per year
What ki d of nonsense bullshit stat is that?
I don't think you understand what the negative means
I'm actually living very comfortably if I die by Saturday
You're right I'm doing it wrong I don't have the need an education unless I can get a full ride. Let me just move to some random town.
To do this I need to save £571.43 per month until I turn 35
With no debt you'd be above average wealth. If you own a house w/ no mortgage you're very much above average
That's weird. Im in my 20's and know a lot of my people my age with 70k+ jobs. So I'm not saying you are wrong. But it's not 100% right.
I didn't realise civilised countries had avocado issues, too.
Be careful with your rare voice of reason in yet another shit storm of “it’s not my fault, It’s someone else”.
What if you're due to live as long as the queen? In that case you'd need 7-8 million by age 35.
Ah yes, because fuck science right?
Lmfao not even remotely close. 28 though, ive got time! Only like $296k out of $300k to go!
Same. Although I can't make decent money without daily pressure to perform above my salary.
Sébastien Faure, Marceau Pivert, Palmiro Togliatti, Antonio Gramsci, Arthur Horner, Narenda Deva, Tenzin Gyatso, Augusto Cesar Sandino...
Also stands to mention it’s worth more than the dollar ;)
I put all that money on my mortgage instead. 29k left
As if the 'blame b o o m e r s' isn't a gross over-simplification lol
To be clear, imo, both sides are right/wrong (however you want to see it)
At 32 ex took the car, savings & checking but left me the house (which I bought) & all the debts. 57, 2nd ex did the same but also left 1/2
It’s spelled “celery”. But yeah, get some penut butter and you’ll be well ahead
That Matt guy... Jesus! How brilliant can a comeback get?
And what about when your pay doesn't cover your bills? right now I'm looking and my student loans take 60% rent 30% food 15% other 15%
Uhhh..... it kind of sits on the shore of one of the largest freshwater lakes in the world
Left me her 2 teenage boys whom I helped raise since toddlers. A much better deal. They are still good family & in 30's.
My parents charged me rent that was 50% of my income and then said they would raise it to 110% of my income or I should find a new place.
“Who’s laughing now?!” -All unemployed 35 year olds, probably.
31 and still going paycheck to paycheck.
nothing is ever free. (besides those little mini weiners they hand out as costco)
Invest in avocados and you'll be millionaires by retirement.
Aren't there stats out there saying something along the lines of 50% of people in the USA have less than 500 in savings?
Are you serious? I can’t tell because there is a major difference between an evidence backed phenomena and somebody claiming that the poor
People just need to handle their money better.
By starting when you're 25 - I'm not even 30 and I have twice my income saved, doing it by 35 is reasonable for most but takes discipline.
Can you fuck off? It's a reasonable question. Nigga didn't say alimony in the first one, dipshit.
35 and wondering what I can afford for dinner tomorrow. Good job, but mortgages and bills are UGH.
I'm 43, raised three kids, own two houses (one of which is paid off), two new cars and am on track to retire with no debt in 2 years. 1/2
If you can. That is why i said something nominal. Guess in your case it is skilling up & moveing up first. Keep at it, keep moving forward
It's okay, it'll be too hot to go outside for anyone by the time we are ready for retirement.
As a former financial salesman, people need to be educated on finances and saving. So many people I dealt with didn’t care.
This makes me equal parts sad and angry. I did the things, I got the degree, I worked the shitty jobs for years, I saved, but not enough. :(
That’s not reason, that’s ignorance and general complacency with one’s own position in life
I think he needs an ophtalmologist
Have a ways to go before retiring but I live by my “I’ll figure it out”motto. Sometimes I worry but somehow I always figure something out.
Did it all on a single income serving in the Navy for 20 years, then working as a contracter for another 5. It can be done.
Retirement Savings? HAHAHAHA that's a good one.
Only part serious. You are right (more to poverty than decisions) but boomers are also not to blame for all the economic problems of today.
Don't go to school if you can't afford it. Learn a trade instead or work until you can afford it.
That’s it??? Wtfff. How do you retire for 30 years on that income? I’ll have that saved before mid 30s. You guys worry me sometimed
That’s right. Position 1. Life is impossible due to others. Everyone agree. Position 2. You can do it you try. Blasphemy
I hit the yearly caps on my roth 401k and dump the rest into a mutual fund
I'm 33, I will retire at 55 with 85% of my salary for life. But hey unions are evil right?
Based on this calculation and my current rate of income increase, I'll be ready to retire in 1964.
This is twice that you’ve implied only intelligent people make money, which simply isn’t true. Anyone can be born into any social circuit.
if you can afford a shot gun, you've been stealing from your employer!
Poor money management
I’ve only got tree fiddy in savings.
I was at the top of my field and making less, changed careers and I'm making more now but I've gotten lucky. What about the other 90%?
I don't want to brag, I don't want to boast, all I wanna say is I like avocado toast.
I'm 19 and I have 40 dollars
Hmm, pretty unrealistic these days for many people. I didn’t have that, but I do now have a house worth 20 times my salary.
Articles like that sort of miss the point: by the time we can retire we will live to be 200 with special drugs we pay for with our 401k
Fun fact: the money you pay into Social Security used to go to your own account, but Congress took it in the 1970s.
Weekly salary, right? Nearly there...
Mahnko may not be a commie, but he is an Annie. Or an (A)narchist. And the ukranian free territories were nice.
Owning a house, & selling and downsizing is a time honoured retirement plan in my culture. Obviously having cash helps too.
40 here. No savings. I got £50 til next payday... Life is awesome.
Am not saying it is easy, but we can but try. Variables change all the time, we need to try and buffer for every scenario
Engineer, 30, almost there now. Worked my way through college and took on no debt. Married w/ two kids putting away 12.5% in 401k b4 match.
Don’t count out real estate investments, it counts as savings. Don’t think they mean in cash..
I put 6.9% in my retirement. State matches 15.5%, plus I get 80% of the average of the top 3 salaries in the last 30 years of work. /1
It clearly says ex wife , so that’s good enough.
Until I die. I'm lucky asf to get a pension. /2
The earlier you start, time is on your side. Started saving for retirement at 18 with summer job.
Well, everyone should have an extra car in case their primary car needs to go to the shop.
That is heartbreaking. Did she live comfortably and happy... maybe it’s not heartbreaking
You're assuming he doesn't have a mortgage!
If you include the equity on my house, sure, just barely. But I'm well above the curve on this. (No kids)
Everybody who has the resources, support systems, and health necessary to succeed can succeed. A lot of people don't have those though.
Quit your job, then your savings will be infinetly more than your salary.
Correct. I forgot said that meanwhile we're still working, we have a discount in our salary to pay that retirement bill
American dream, you have to be sleeping to believe it.
I'm 39 and fuck I need to remember to put the avocados I bought at Costco in the fridge before they rot.
Or some ice for that burn.... lol wait is that the saying all the young kids are saying?
I can lend you tree fiddy if that’s helps.
You're not wrong.
I have to eat them like they are going out of style, how else can you use 5 avocados in a single week?
By 21 i have 5x my salary saved. What’s the problem?
Bleeding albatross flavored.
Rent the bullet as well, its not like they can come after you
This. The earlier the better with retirement. Discipline is key.
Did you know over twice as much time has passed since that joke, as the time between ALF being televised and Milhouse making that joke?
You’ve got all this money stashed away but how much is your house & cars worth ?
It's twice your salary in savings, not twice your age.
In an ideal world, yes. But reality is not always like that. Backup is bus, train. Presumption you can afford a car in the first place.
It is only work till death if you didn't make smart choices or save your money. My parents both retired early w some good choices me too.
You know it's a spoiled rich kid when they gloss over the cost of education and tell you to just get a magic, golden ticket scholarship.
This is why some immigrants get ahead moving here. I had Mexican friends who rented one BR apartments with bunk beds. 3-4 in a room. $ave
[Black guy holding his finger to his temple while smiling smugly]
I'm 36 and currently at -$55k from my masters, degree, still rent and have no savings. Yay!
Im 32 and currently at one paycheque saved... but today was payday and tomorrows another day!
This is why I’m not too worried about identity theft. Go for it, thief. You won’t get very far and then you’ll just feel sorry for me.
Well i don’t count on those. Anyho You’re the one that mentioned some free shit. I dint hold my breath, merely pre-investigated ;)
While we are so used to our independence and privacy we can’t sacrifice that to share a room and cut costs. School loans are ridiculous too
Many, MANY doctors and lawyers do not make as much money as people think and TV/movies portray.
What do you think happens to the ex wife of a doctor?
There is a time to Plan, and a time to Improvise and live in the Present.
But which salary? I have way more than twice the salary I earned delivering pizza in 1995. [Checks bank balance] Oh wait...
I paid -150k 5 yrs ago to my ex wife. So 2x your current salary isn't bad at 35 if you are making 50k a year.
You don't even have no money
It went up like 5 fold the last time QE started
Maybe I could if I could go to school. Oh wait.... I can't afford school. Shotgun it is.
This!! Mike Rowe has been saying this for years and companies are dying for skilled labor not green college grads
There's this thing called "reverse mortgage". I guess they pay you while you live I your house, then when you die they get the house.
My boss went and got an apprenticeship right before he new his ex wife was gonna divorce him, she pays him alimony now :P
Everybody has to beg for money to stay in business, you idiot.
“Just be smart and college is free” I’m dying lol that was a good joke
Right? My insurance went through but didnt due to nsf. Refunded the 80 bux i actually had, but my bank took 45. Score 35 bux for 2 weeks woo
Seems like a scam, but you can't take the house with you and it beats the shit out of a retirement apartment.
36 here and 350000 in debt.. who are these assholes??
I could have lived off 80 easy. 45 means ramen and thrown out croutons for cereal.
Even if you own your home, there is still property tax, ins., utilities, living expenses, repairs; retirement is not what it used to be.
Yea. It's almost to the point where id consider a reasonably priced rental or just live with friends again
It could go lower but if this is the low, a recession typically follows a few months after according to an article I read yesterday.
I just had avotoast. It was $1.75 for two servings. The media fixation on that generational marker is hilarious.
Cool anecdotal evidence
401k & ESPP every penny you can. And every raise, add to them. I’m still cash poor, but putting aside a lot more now.
Depends on how much you make and how ripe the avacado was.
Noice I'm already ahead on the shotgun bit, time to start saving for the shells.
That last one though. Holy shit.
Bold claim fam. I'd argue its more poor money management rather than pay scale
That way you can work yourself to death as your kids are finally out of the house right at 60 then you die, saving SS from paying out.
I've done it at 27, by being unemployed.
Sssh, you'll ruin the delusion that these 'experts' have!
Saying it's obviously possible if you actually attempt to get yourself there. But hey cool, blame other people for you falling short.
NO. Dump minimum to get maximum match and invest in other things with the rest.
Yeah, that will definitely save you.
NOOOO. Dump minimum for maximum match. Invest in other things with the rest.
Serious question: how? I put $300 every month into my Roth IRA (max you can contribute) and there’s no way I’d have that by 35 (26 rn)
I'm 30. I have about 5 grand in the bank. That's about it.
This is bad financial advice. Don’t maximize your 401k contribution. High fees eat into returns. Invest in other things after matching.
I have a mere 6.7% :/
Did you eat your children's pets?!
...5 avocados would make a GREAT meal.
I'm very fortunate I started working for a company at 19 that provided a 401k. I've got quiet a bit in there now. Working on an IRA atm.
From the north of Ireland. Three words. Dual citizenship bitches.
NHS doesn't cover old-age homes or people requiring 24hr medical support.
Holy shit, this might work.
But you arent a saying that you can do it if you try, you are sayin the resources are already there for the taking, which they arent anymore
excuse me, mister rich bitch over here
Awwww member when you could get a good job and easily afford a house payment. Me either.
I try to limit myself to half of one at a time. But it's like 6 for the price of one at the grocery store. I'd be crazy not to buy them!
Health insurance is my biggest cost right now. Nearly 16k last year, not including the 4k in my HSA.
I'm lucky to have a little more than a paycheck in the bank, 2 days after payday.
Fuck Matt and his positivity. Not everything is sunshine.
Youre making $150k a year and only have $4k saved?
I have dual citizenship rights, just need to sort papers
Agreed, just make sure you come to official terms. I pay $500 per month.
Labor participation rate decreased slightly, though.
I'm 27, no college degree making 160k a year, pm me if you want no anecodtal evidence and I'll prove it to you when I get to work.
And here I was paying rent and shit
"jesus" - me, loudly at work after reading the last comment
I'm negative double my yearly salary, does that count? but no wage increase in 5 years while everything else has doubled is my fault somehow
if i didnt go on vacations at all or have 100k student debt, sure, why not
If they have that much it's because they didn't pay down debt that they are carrying.
No no not the snack he means actual goldfish
34 here. I'm actually not too far off, I just need to earn three times my salary this year to make it in time.
Given what's happening with the Boomers, not a bad one.
Holy monkey. Mine is less than $2K per year for hospital, dental and physio. I'm v grateful to live in a country with socialised healthcare.
Because our goal should be menial labor for everyone, not advance society
Saving ~40,000 in RRSP by age 30 isn't hard, people. Y'all just dont know how to organize/budget
Yea boi! Just ya know.. trying to help out my economy?
As a canadian i dont know what a 401k is. Google says its like what we call an RRSP. I started investing earlier this year and am on my way
Yeah at 33 I'm basically counting on my pension for retirement. I'll have my house paid off in 7 years then hopefully be able to save more.
Lol I'm supposed to have at least 1 million to live and around 3-5 million to live comfortably...
What safety net was dismantled? We spend a far larger percentage on social programs then we did then.
To being debt free
But really, only had this job for about a year and a half now. Before this i was deep in debt and making about 20k/yr
This is in retirement savings but inclusive of and not limited to a rainy day fund. Your rainy day fund can be 3-6 months of living expenses
I’m 40, went to LA for a year to be an actor. Now I sell insurance and have some money, and lots of guns. Moral: fuck LA
wait, no integer underflow? fuck I need to start saving!
This assumes that we have a salary to double.
It probably means people that manage pension/investment funds and are then asked about it by journalists.
Always max your 401k, it saves you on taxes. What field do you work in?
Half of my salary? What like half of every penny I've earned? Half of a years salary? I mean the writer of this knows what bills are right?
1000 upvotes on the nuts and no downvotes. Can't +1. Here's a, "WELL DONE!!."
Money towards principal on real estate is essentially a different kind of savings, you're still fine.
Where in the blue Christ does someone have a spare quarter of a million knocking around?
Invest it heavily. You’re young enough to survive market turns. Get loans, make your earnings in mutual funds pay off college loans.
It can also lead to a great side hustle opportunity
Since there's absolutely no corroboration, your brag hasn't exactly landed, I'm afraid.
"General" retirement wisdom is you should expect to get 4% of your retirement fund per yr when retired. Up to ~6% if you plan to die quick.
No but your house does if it comes to that
Same, except for me it's movie tickets...
I’m assuming college loan APR is lower than market returns. Do not pay for college in cash until after you graduate and have made your 1/2
Money work for you while you busted your ass in college. Then, pay off the loans. Come out way ahead.
By 35, she should be with a better looking and richer dude...
I'm 27 and I make almost $250K a year.
Buses are pretty rampant, too. PSA: Look For Miracles
I'm 30 with $80 to my name BUT I do own a shotgun AND have shells! So I'm good.
Only one year to double my life's earnings and put it in savings
Is that Aziz Ansari?
With 250k you're expecting 10k a year without losing your capital, 15k if you are sure you want to zero out within ~30 years (give or take).
30 here. I came to the realization a long time ago that retirement will likely not be an option for most of my generation in the future
Duuuude! We're debt free except the house. Lemme tell ya....this shit's awesome! Keep that goal!!! You'll feel AMAZE-BALLS!
Just looked it up. If you’re quitting your job and going for undergrad, get a subsidized loan. You’ll make more money in the market
I am not a financial advisor so my numbers might be a bit off, so please take as more a general idea than exact.
You'll just live poor in retirement. A few hundred bucks SS reach month. Eating catfood and living in a rundown trailer. GL
I mean if you save 10% your salary for 10 months shouldn't that be enough?
250k? That seems woefully inadequate.
Mine just stole my college savings and kicked me out with a chronic illness and no job. Now I make more than either of them.
How do you know I'm not the Loch Ness Monster? You just blundered into my trap!
Max out your 401k people at a minimum!!!!
I bought an Airstream for 5k. Over the next 25 yrs, I'mma fix it up, so that I have someplace to live once my husband retires (I stay home.)
Sounds like you have $14 of debts.
My retirement plan is that I eat a spoonful of cat food everyday, so it’s not a big shock to my system when I’m 65 and surviving off of it.
I have no savings, but I also have no (paying) job, so woohoo!
As most raises dont even account for inflation...that wont work.
Amen, sister / brother. I try and use time on buses and trains to centre, breath. Helps stay calmer, more open to opportunity.
Depends on your 401k. Mine has low fees and several dirt cheap index funds to choose from.
Do you they mean half your yearly salary
Why would I live it up later? I might die before then. Or be too old to enjoy it. So many people need replacement knees and shit now.
GenXer here. To this I say.... oh well. whatever. Nevermind...
Aint nobody can afford a shotgun!
It is good to invest in a mix in pre-tax and after-tax accounts.
Penniless writer, but oh places I've been, sights seen, people heard, food tasted etc .. would not change anything. Still no car tho lol
Raises dont usually account for inflation nor do they addressgeneral cost of living shifts such as having children.
I'm a broke 30-smth that was kinda hopeful because I'm supposed to join a profession with a very good pension. And now they're killing it
So, well off to my 30's, I have only half of my salary now debt. And that's student loan. But I also got fired.
Well 0 x 0 is still 0 so I’m breaking even
I know right? Back in the day, I used to be able to trade a wagon wheel for 34 of them!
Costco avocados are THE BEST avocados. Since I don't live anywhere near where avocados grow.
Anythings a dildo if you're brave enough.
he said only name one!
Thoughts and prayers, brother
People should save if they want. But saving shouldn't be obligatory in order to live or to retire.
Same. Except the part about owning a business and being debt free. Also I'm a year older. heh...
I was going to be angry at Matt but then he pulled a 180
Pretty sure it’s a milestone, you twat. i.e. - if you don’t have 2x your salary saved by 35, you won’t have enough to retire on by 65. or 80
In their retirement account
Add onion, cilantro, salt, and a bag of chips.
After bills are paid, I allot myself $150 from a paycheck to "live" on.I remind myself "You don't have any more you fat fuck" though I do 2x
These kids these days. Buy the shotgun on credit.
I'm 39 and my savings is -$120,000 and no job, so the above seems reasonable.
Poor folk got drafted disproportionately but i mean whatever right?
I've had too many things come up. Ive got 2 years of full expenses saved. Ive also got 7% with 7% match. Looking forward and back it tiny.
Canadian healthcare took mine...…. Lifesavings spent on my recovery from at work accident.
By December! That's awesome, dude! Congratulations!
Shit comes up you have no way of planning for. Save every dime.
At 25 I think I was just finally making enough to pay rent AND utilities on my own.
Please, comments, do tell us all how you have no money, it's very interesting.
I did that because of his TED talk. Worked pretty fuckin well.
Wasn't really an option for me.As soon as I was theoretically able to get out, I got the fuck out.
In the 80s it took a typical UK household in their late 20s 3 years to save for an average-sized mortgage deposit. It now takes 19 years.
had that happen once where auto deposit was late. made 3 small purchases $20. Got hit with it 3x that day. $20 ended up being over 200
Is no one going to comment on the blazing hot closer???
Idea for business: cheap single shot disposable guns.
Consider the value of your equity. Depreciate that equity by...30 years? That's the true value of that equity when you'll need it.
You better off to be broke, cause medical insurance will sap any money you have...at least broke you get social assistance.
And why should we? A retired person is fucking WORTHLESS. They produce nothing.
That's some dark humor right there. I approve.
ill be done with all my degrees when im in my early 30s so dont think ill be hitting that number
Last comment had me about to rage, then I read the final sentence and laughed aloud in the break room at work. Could use that shotgun now.
I'm 40 and Have about 10 grand total....and I rent a small bachelor pad and own a shitty car...
Retiring is what kills you. The real bitch is that companies are starting to not hire people over 59. Its illegal but its hard to prove.
It’s important to be saving for retirement while doing all these things at the same time,” said Alexander Rupert, assistant portfolio manage
As soon as I run out of money, I'll kill someone and go to prison. 3 hots and a cot. I'll be too old to do anything at that point anyway.
Have you all ever considered not being poor?
We have that in the US as "Social Security" but you only get a couple hundred a month, which isn't much.
Reduce your bills or increase your income.
Look at mister moneybags over here.
It isn't extra if it's going to groceries, groceries are necessary.
And reliably wealthy? No I doubt that. Just able to afford medical debt and mortgages. Gotta live long enough to retire and die 5yrs later.
Buying out my parents mortgage over the next 3-5 years. Still saving.
In that case, try going for twice your celery in keeping with the theme of health foods
Stop ordering Guac ... it's extra you know.
Yeah who needs an education right?
Wish we could have seen his stats on that tweet. I'm far too lazy to look it up. Just no choppy of the stats, please OP?
Guys its not so hard, just be unemployed and empty your bank account! Problem solved!
I'm 14 and have $retired in my bank account
or... the school system is beating him.
House may be the next mess I get into. Although I’m going to have save a lot of money to get that done.
33, buying a house and a car and raising five girls, and I have 35k in student loans. I live check to check. I'll never retire.
Yes, all that and a bag of chips.
It does not
I'm a boomer. I'm making sure we trash the place completely before we go. Think we've done an excellent job so far! Happy Peanut Allergy!
Who cares how much your car is worth, a car isn't an investment, a house is.
the population difference also plays a huge role in bending us over the barrel
I'm 24 and I have a third of my salary saved and no debt.
Same. They get them in nowhere near ripe. You let them sit for a couple days, then chuck then in the firdgr for perfect longivity.
So... the state should pay for them and they shouldn't be responsible for their own lives?
18 months. That covers medical deductibles and maximum payments. It also covers when the company fires you because they fucked up.
Maybe they expect you to reverse mortgage your home? I dunno.
I worked out today I would need to save approx 30% of my wage a month to reach that. Come on.
And then you cant get work for a year.
that last one
Is that Aziz Ansari?
Unions are why the rest of us have to pay so much for some shit.
No, you work for a living. If you fall ill or are unemployed there's welfare. When you retire, there's state pension. Save if you want more.
The "system" isn't to blame.
There is social security, if it is not enough to live on it is the individuals responsibility to make up the difference which seems to be
I pay myself by spending money on myself and trying to not hate life so much
what you are saying
Sharing your own experience as “proof” is very much the definition of anecdotal evidence. It’s not that it’s invalid, /1
That's what I said! But a state pension should be enough to live on. Also, free health care. And unemployment benefits.
I've quadrupled my salary since my first job. Still don't have half of my first salary in savings...
it’s just irrelevant when discussing the prospects of an entire population.
I like to spend every spare cent I have on things I dont need. The temporary happiness is exhilarating.
Personally I'd rather pay off my mortgage than have that much money sitting around. Although building a tax deferred retirement account 1/2
is a good idea when you can. 2/2
No one seems to be considering inflation. 20 years retirement expectation is a decent baseline. Thats 400k. 10 years inflation is approx~
29 broke and living at home again after choosing the wrong career in the air Force. Yay life
Does nobody have savings? I've got a few grand and I'm only 22, and I fret I don't have enough saved. What's stopping you all from saving?
Thanks for wanting to fix folks, though.
I'm 31 and have about 1 month worth of retirement saved. So I guess I should probably start saving everything.
Subsect of Finance.
25% Thats 100k for 10 years. With medical expenses, you're looking at 750k for a baseline. If you want quality living and options, 2mil.
Wait till you're 45 and everything fucking hurts from the time you wake up till the time you wake up again.
$250k is definitely not enough for retirement. Especially considering rising medical costs and life expectancy going up.
Not common anymore.I know two guys at work from the same company with pension.One started 10 years earlier and has 25% higher payout.
Ok so 12,000 x 2 = 24,000. Assuming that I am not, in fact, a robot, how the fuck am I supposed to save that much without needing it in an
I've literally never had it. Rather just have an avocado.
I just hit 1 million saved at 40, so I'm not even at half of my salary. This is a weekly salary right?
This post reminded me to add to my supplemental contributions. I'm 27 and just over my current income. Maybe I can double it in 8 years??
I plan do die in my cubicle and hope someone notices my motionlessness before they notice the smell.
But I'm not on a rice and beans only grocery budget so it goes to extra food, like expensive ass produce!
So I can spend the majority of my time doing a job I hate so I can have money sitting in the bank?
Well, Im fucked.
SO. That was a big park of the 2008 shindig.
I got a app for auto investing its nice and brings in like 10% a year on average.
This article was written by a baby boomer.
For a minute I was thinking "that's do-able" until I realized I'm not making $15k a year anymore.
I'd say it counts if it's paid off. Otherwise it's just a liability.
Even your clarification read in isolation can still be interpreted as funny looking! But I do know what you mean...a fish shaped cracker
This joke is the reason I call my pistol "the exit strategy."
I'm currently unemployed, so I'm right on track.
Enjoy it while you can.
that's all? I wouldn't survive long with only $250k when I retire (also I'm never going to retire)
Yeah, they're about $1 each at the local Weis here in MD.
Don't get me started on the Death of Superman Comics...
Wish I had parents that were alive to live with
These comments beg the question, what the fuck is going to to happen in the next 25 years??? it’s scary to think about a 73 y.o. bartender
it's basically like taking out a second mortgage but instead of you getting the money up front and paying it off you get the money 1/2
Not as bad as what a freddo costs these days
Laughed my ass off at your comment
2/2 minus interest, payed to you over time. It's for people who are broke but living in a $300k house with no mortgage.
It's a recommendation not a stat
guess that depends on the trade.
no prenup huh?
Well I'm at 27 and I've got 25% of my salary saved. Am I okay? If not I've got a friend who's a duck hunter with bad eyesight.
Because everyone who works in an office loves there job?
I owe twice my current salary in student loans and credit card debt.
double your weeks salary right? I got that covered ... maybe
That’s called life kiddo
go back in time and don't go to college. Let this be a lesson, if you don't have the money or a scholarship, DON'T DO IT!
Does having half the salary you had at 18 in savings at 35 count?
Which is the perfect time to start thinking about saving
start as early as possible. Compound interest is very powerful, but it takes years
Hating life and spending money on things to try and make it bareable
Age 32. 35K saved. Estimated 2.5K/mo payout if I maintain the same income and contributions until I retire at 65.
Retirement plan A: the Rapture. Retirement plan B: Die young.
Tommy Haberford there with his big business ideas and hot girlfriend, unimpressed at having porridge yet again due to saving.
Oh I know it's not common, but it's not nonexistent. Granted, he had to do 2 years as a contractor at other jobs before this one, but still
I'm 27. I looked at my debt snowball spreadsheet for my student loans plus the two things I'm working to pay off.... and that double salary
it's very hard, and it gets harder after 30 to start saving. I wish I would have listened to people when I was young about saving early
Isn't gonna happen yet lol. Baby steps.
You guys worry about nothing. We'll have world war 3, lots of people will die and maybe, will have some decent retirements either way.
when you become a pensioner? I guess people are into grannys
Im 43, someone need to fix the weapon laws in Sweden.
"I'm an expert in retiring, because I retired at 25 when my parents gave me millions of dollars"
I also ate an avocado for lunch. I bought it on sale cause it was going slightly bad. Still yummy though
Thanks to the 2008 crash, I no longer have that in my retirement fund, but it's building back up...slowly. Very. Slowly. I'm 36.
GenX had cinnamon and crunch with their toast. No Exceptions! I can't afford guac, more expensive raw guac on bread is not in the budget.
Well. Most companies match 401k contributions up to a certain percentage. I'm 23 and have 1/4 my salary save right now. In 12 years 4x. 1/2
Done. It wasn't easy, but it also wasn't impossible. But keep whining, that'll change things.
But salaries change over the years so I probably won't even hit my salary by the time I'm 35. 2/2
I saved 20% of everything I made. It can be done. You do not need all the things you have or spend money on everyday. I worked my ass off
Twice the salary of $0 is $0.
I would save like 95% of my money still sorta do but it paid off nicely when I invested.
So basically selling your life so you can live it at 65?
but everybody got this? here the minimun rent is like 350 u$s
If mine gets stolen do I have to take it back or can I get a fresh one?
And all those iphones.
In the USA, the cheapest food per calorie is cake made with cake mix. We're the French Revolution now, boys!
They’re basically betting that you’ll kick the bucket LONG before they’ve reverse paid you the fair value of your home.
At least you had a run.
We're forced to pay social security. That IS a retirement plan. I won't be rich, but I'll survive in it
I have about twice my salary in student loan debt, how's that?
Yes, they're delicious fresh from the bowl.
If you only saved $250k for retirement, likelihood your house is of significant value is low. Not in all cases but that’d be my guess
We just talking about saving account at the bank or 401k type shit?
And also good for you. Can I come live in your shed?
Sweet, I should be there.
Clearly the solution is to get a job that pays annually half of what I have in the bank. Or in my case, I don’t need a job.
Good: I have 43% of my salary, bad: my salary is ehhhhh
my dad is like 50 and had or has no idea you can invest money.
What’s a salary? I’m an hourly employee.
Yeah, I'm with you on all that. I don't know how you'd get to 2x salary by mid 30s though, (especially if I'm getting raises, the goal 1/2
Actually gets harder! 2/2)
If you don’t have heirs that’s a decent option maybe, but you’ll lose inheritable value of the house if you go this route
34 and have about a year salary in my retirement account. Savings account? Yeah like $50.
Damnit Matt, straight for the kill shot
you need a new bank. If you have Chase in your area, they don’t charge overdrafts if you make a deposit or transfer bringing it + by 9pm
Of corse if you have heirs, you probably wouldn’t need to do this as long as you’ve maintained a good relationship with them and they have $
Man, I hate running. This has just been a 32 year shit show.
Take my upvote you monster
I like how they show a picture of young people, sitting in their nice roomy house wearing comfy indoor clothes, having orange juiceDEYRICHAF
Considering the alternative is working until I die, sure let's go with that.
yeah that ex-wife retirement plan sucks a lot, same reason I have hardly any savings.
Me - laughing in germa... wait, we don't laugh :|
She gets remarried?
Thank you for using both decimal points and commas.
That last comment though. Dark dark dark.
It's both reassuring, and disheartening, to hear there are plenty of other 30-somethings here in the same situation...
Not much to save.Took on roomates so I could free up money for school and groceries.
And how do you expect to fuel that mower ?
Yeah,just about everyone gets it at 65 and over(?).Rent varies in the US;my town the lowest I recall is $800USD (19,417.60 Argentine Peso).
Is the aziz
People that choose that route have no right to cry about the debt they chose to incur. Grow up, nothing is free
Jokes on you. I don't even make a living wage.
35years old. 2 investment properties and plenty saved. I started investing at 17 tho.
In New Zealand I think they are averaging about $6 for one.. And we grow them
By their math you're suppose to save $500 a month from 20, to have 90k saved... everyone can do that, easily. Duh
Did you get your gi bill at least?
That's pretty good. Although I've heard after 10 months living saved in high yield account, better to invest the rest into Roth
The worth of your car is pretty much negligible. Your retirement fund should be 1-2 mil
Its possible for most, it just takes discipline. I come from a lower middle class family. Never got a dime from parents, started working 1\
Downvote but....what is stopping people from saving? Even a little?
At age 12 cutting grass, started investing at age 19. I have one years salary saved at age 26.
unfortunately there are no guarantees in life
It's not there to make people feel bad. It's based off simple math. Retirement accounts need long term growth to be viable.
Well, they consume... and in an increasingly service-based economy they pump earned/stored savings back into the market...
Work part time in college if you can. Save 15%/yr from 22-35. Assuming 5% wage growth that adds up. It’s not easy or possible for most folks
My father is 73 and he still keeps saying "I have no idea what I wanna do when I grow up". Seems like i'm going down the same path @ 28y old
They’re not saying it’s something you can do. They’re saying it’s what you need in order to retire. This highlights the crisis we’re in now.
I am just pass that mark. I miraculously have 1 months worth of my salary saved up. But I'm moving in a couple of months so it will be gone.
Retire and gtfo, basically.
That's more than most people
I'm a few years away from 35. This threatened to give me a panic attack.
Get hit by a nice car
Yeah im going to school now, looking for a job as well
They do know that after tax that is like 1/4 of your paycheck goes to savings right? Unless you invest then it is like 1/6th
Im 42, wife is 22, we have $70.
Genius, retirement is attainable now
only two shotgun shells...?
I went to comm college and still have a mountain of debt. You can’t get a grad degree from comm college
are you kiddin me? Do you know how much shoes COST? I can't afford to eat my shoes!
Are you including your 401k?
Don’t worry, the working taxpayer will support you in retirement. BAHAHAHAHA
Jokes on them, my salary is so pathetic atm that I think I've got this covered.
Who doesn't have twice their hourly salary?
Cherish these times.
To be fair, avocados are absurdly tasty.
Just a little bit of advise, take on a heavier course load. Your benefits are based on months, not a dollar amount (unless private school)
This "advice" sounds like BS that's how.
Actual factual information ? HERESY!
I just bought a glock and house But believe me when i tell you...
you mean I can take more courses if I take more at once then trying to spread it out over time?
take your upvote you glorious fuck.
Right now I'm just taking the minimum that allows me to receive full time BAH payments. Im kinda using school for income as dumb as that is.
I was thinking about selling, but I spoke to a real estate investor and he said to never sell, just rent it out. Use the equity to buy more.
32 here.... 50k in debt, making less than 1k a month ....
Yes. Increase your course load now=get degree faster and have some benefits left over still. I had no college credit when I got out of th AF
or my supervisory committee decided to not do their job and watch me crash and burn after 5 years of work.
Um... what is your level of salary?
Mind if I ask how much student debt you graduated with?
Yeah, your expensive avacado's on flax toast would cost a wopping, 0.8 $ per 200 calories. Oh the horror.
I am now 7 months out from getting my MBA and will have about 2 months left over when I am done. Mind you, I busted my ass for it
How do old rich guys always get young hot women?
well... Im screwed! Like most of people in my generation >.<
yeah... not what Iwas taught back in 2004 ... I figured it out after I graduated with a B.Eng and still worked for min wage
Usually the Ether Bunny.
I'm going to hell for laughing at that last one.
Let's see... Add 50, divide by 0, carry the 10. Woohoo! I'm not retiring!
What you pay in taxes is nothing compared to what your boss effectively takes by keeping wages low.
I'm holding out for a socialist revolution.
Market Watch. Who are they watching? The 400k a year guy? Or the average everday 90% of americans guy. Cause something seems fucky here.
Feel free to PM me if you have any questions.
Twice my weekly salary? Or daily?
If you're planning to off yourself, just buy a single barrel break open shotgun. They're pretty cheap. A box of shells is cheap too.
They only give you those if you pay for a membership. Gotta give them money for the privilege of giving them your money!
I know, I just feel like my generation was lied to in general and I don't like it, but I'm a bit bitter. Still gonna work hard, though.
It’s such a scam.. I feel bad for anyone that gets stuck in that situation.
I bet the "retirement experts" don't even have that much saved.
Just be happy. That’s the only goal. Be whatever your happy is...unless it’s like...the weird stuff..yeah none of that stuff..just the good
I wasn't even trying to make a point, I was recalling what the article said about people not having kids until their older. I don't know why
you decided to argue it with me, I didn't write the article.
Lol not sure this guy who makes $160k knows what “anecdotal” means
I am also 37. I hate avocados but I'm in the process of going back to school. No savings. Scared shitless.
Lol for a guy who makes $160k its unfortunate you don’t know what “anecdotal” means. Maybe a college degree could’ve helped...
“A lot of people” is statistically the same as “a bajillion”? And it’s not just the job but the amount of debt one incurs in life today.
Sorry bomers, you seem to have forgotten that you set the country on fire for your benefit before handing it to us.
If you enough money in your retirement account to buy a stamp, cash it in and send me a thank you care :D
Did you just make a convoluted bootstraps argument?
I could get into details about “cycle of debt” and how “education was the socioeconomic ladder” that allowed poor people to not live & die..
Struggling after the supposed standards of a society will not change that society into one where those standards will need no struggling.
poor, but something tells me education is anathema to your ilk
Go back to school and do what? They're not teaching shit I need. I don't need "Go into debt 101", I need a simple, no nonsense job.
I retired when I was 52. 32 yrs, Manual labor. Thank God for Unions! Started full time at 18. Need more of you in the trades, it's a dying
Lucky. My work gave me a manhole cover hook, best I can do is workman’s comp.
i'm at like....1.6x...I thought I was doing fine and now i'm unhappy
My family came from socialism/communism. I'll never support it.
In 2-4 years after wouldnt you be making 100-200k a year maybe more?
You know it's a person with low IQ when they cant imagine how someone gets a full ride.
401Ks are always more expensive than alternative options.
People succeed without any of those. Stop blaming society for everything that's wrong with your life.
I'm 37 and have less than $1000 in my 401k and zero savings. And I have two degrees.
I have anxiety
That Loch Ness Monsta will get ya... 4 times.
That shouldn’t be too hard considering my salary is so low!
I am a millennial as well. I agree that society and public schools lied to us. Don't lose hope, check out Dave Ramsey's book if you can.
I'm 35 and I successfully saved about double of my monthly salary. Does that count?
Stop overspending on cars, phones and Amazon prime and your $50,000 a year career will actually take you pretty far. If you're not earning..
The toilet bowl.
Why is it such a source of of pride on this site to be broke? I’m 36, normal guy, and have this. Own a rental home too. It isn’t that hard
that, make a plan to get there in 2-7 years. Sacrifice a lot, yes. But you won't be working at 70. Or live like you'll die tomorrow idk
if you make 20k/year at the rate things are going, retirement won't be an issue... you'll starve to death behind the dumpster you sleep in..
LONG before you make it to retirement age.
After the next market correction I'm sure the middle class will be dead
If I work really hard all year, Ill have all but my student loan remaining at about $14K. Dont own a house tho.
Posts like this really make me think harder on killing myself.
Our extended family had enough money to cover her fine. It's the fact that a lot of people don't have family who can help out.
But there's a Taco Truck down the street, and they're only $13 per Taco!!! Oh, squirrel!
Look who's on a salary.
This is bad financial advice. Determine the fees of any fund whether it is in a 401k or not.
A.) Do you own a house? B.) Are you counting your 401k/etc? C.) Yes, it probably is the abstract avocado toast if not D:
34 and have £9,000 or personal debt (not to mention £40,000 of student debt)
My plan would be having a big emergency fund thats also investment.
I took 3 years of college and have zero debt to show for it. Nice assumption though. Make smart choices and you can make it being 'poor'
Find access to a 401K that returns more than dumping the money in ETFs yourself.
Or just don't go to college and be a tradesman...
Yup, got a buddy who's 21, welder, making $22 an hour with just a HS diploma
It is, in fact. The current phase of capitalism, particularly in America, is very much predicated on the exploitation of unskilled ....
Oh wow i don’t even know where to start. I not going to try to wake someone pretending to sleep. Take it easy.
Back in 2004 jokes about english majors making pennies were quite common. Maybe you should done research on job prospects in your area first
sounds like they have incentive to kill you.
workers paid menial wages to support a consumerist system. It's simply not designed at present in a way that would allow even just a ...
bare majority of people to make the money necessary to own their own homes and multiple vehicles.
I had a substantial raise right around the time my mom had a stroke and couldn't work anymore, so... Yeah.
That last comment makes it!
The 401k's at most companies have numerous options in the 0.01-0.05% expense range. Any differences in that range are negligible.
Guys and gals, this the 'dont make stupid people famous' thing but with internet articles. You're just giving them free advertisement and
such by reacting and reposting and linking to it. Some twat figured out a while ago that upsetting people gets you attention/coverage/...
"People do things without the resources necessary to do them!" No, they don't. And my life is great, so I don't even have reason to blame.
Translation: I am upper middle to upper class and through my parents had plenty of money to kickstart my life.
Just ignore these things and link an article about something like say, people working to stop children from starving. Like this one:
So you honestly believe that there's enough scholarship money for every person in the US to get a free education if they're "smart enough"?
concernusa.org/story/rutf-the-peanut-paste-that-packs-a-punch/ Someone came up with an affordable thing to give to starving
*laughs in compound interest*
Twice my salary... so like $20?
Look for a new job, or maybe join/start a union to increase your negotiating power?
kids (and adults I assume), feeding them with all the essential nutrients and saving lives. That's good wholesome stuff.
What’s retirement? I’ll be working as a Walmart greeter when I’m too old to do my current job.
What's that 250k pound for? What's their breakdown of expected costs? On a sidenote, if I ever get alzheimer, just shoot me, dont waste the
That Master of None screenshot tho
money for the medical care. Buy some toys for orphans with it or something.
Zeh fck is everyone spending their money on? Excluding the loan payments for my house, I could make due with say 200-300 a month. And
No offense, and I don’t know what country you live in, but if you haven’t found work in over a year you should look at improving you 1/2
average retirement time is like 7 years or something. Fact checking... My life expectancy is 73, retirement age will be 70 by the time I
1. Resume 2. Interview practice 3. Positive professional traits.
Cars aren’t assets, but expenses. Both cars are 7 years old and long paid off. House is large and comfortable with ~$100k+ in equity.
I just don't see the point in blaming another generation for the short comings of our own.
ill just start collecting cans like my grandpa when I retire
That's probably not too far away from what their logic actually is.
retire. Or higher. Doesnt really seem like something I need to save that much for. I'll be too old for hookers and cocaine anyway.
Is that 5% wage growth year over year, or just from 22-35? Just curious how much of a fantasy land this advice comes from.
Im saying you dont need to be born into money to be successful.
No. Every person shouldn't have a free education.
If you have a 6% match 401k with a 10% return you should have double your salary in savings in 10 years. So if you start working at 25 1/2
then you will hit the target 2/2
Then at this point they're simply not going to be viable for the vast majority of the working population.
That sonuva gun! Classic Matt!
I know I'm not retiring when I'm older. I had 2 periods of unemployment for a couple years, so I'm taking it when I'm younger.
I was finally well on the way to doing this with my stock market investments before Trump and China started their measuring contest...
Now I've got what an average response above does in their savings.
But engineering was safe
Retirement articles kept saying you needed $1M to retire. Now they're saying that might not be enough. WTF do these people intend to DO???
Sorry I just read your username it checks out. I get it now Good luck with your point farm
Like i said “not even gonna try” youre either full of shit or completely oblivious. Neither inclines me to waste time w you. Take it easy
I'll just buy the bullet and headbutt the shit out of it.
I am going to die working.
Who said she was hot?
Exactly. There are much better investment vehicles out there.
I'm 38, and my "savings" is nearly 1/3 of my annual salary...and I'm underpaid.
So true, there is a lot of trade jobs that needs to be filled.goooood money.
Even with a mortgage?
Yes, absolutely. You should take that sort of thing into consideration before taking out a mortgage. Plan early, plan often.
All that this article is saying is "if you want to retire comfortably this is how much you should aim for by age 35" dont over think it
Social security in america provides money to elderly after age 62.
Convert his poop to fuel?
My dad is 62 still going strong.
Exactly, people want something at absolutely no expense to themselves.
Im glad i heard about Dave Ramsey when i was young because i would have wandered down the path of normal had i not.
Um, it absolutely counts are you serious?
Having worked in this environment long enough... WTF is a raise that actually is more than inflation?
At the expense of those of us who didnt go to college, yay...
Excellent life choices m8
"Nope! I made bad choices because society and stuff, so not possible"
Becoming less common? Imma need a source on that.
Theoretically its a combination of your entire investment portfolio. Stocks, bonds, 401k, mutual funds, real estate, etc
I wish i could opt out, its a terrible system
You didnt work hard, you're lucky! (Sarcasm)
I think the way to do that is to have no student loans and live in a studio apartment.
Never more than 3 weeks. I was underemployed for 15 months where I worked for 1/4 pay while looking for a new job.
Many people make poor choices and blame the world. you're on the right track. Pick up Dave Ramsey's book the total money makeover.
A 401k is not a savings account.
Excellent plan, just dont forget to blame all the "lucky" ones that didnt do that.
Choices were made...i hope you like your job.
Dude...just rob a bank, dont kill someone else.
Or. Third option. I don't want more than I need so I don't have this problem of "I need to be paid $50 an hour to survive."
Full time author, working on my 4th novel. I love it, but at some point, I'd like to not -have- to work. I'd like the option.
I wanna be like Matt.
in USA with inflation, it will be $250,000 USD per year (at the retirement age of most imgurians)
A 1-day bank robbing spree in two states, as many as you can before cops catch you. Surrender peacefully and "retire" in federal prison.
I see. Well, i cant tell you what to do but i thought i would at least let you know.
Who said anything about a savings account?
acorn, if your curious I have tips of it.
Im intrigued, is that the one that invests the spare change or something?
If I can give just one simple piece of advice .... Black Market Body Parts. A liver here, a kidney or two there. It adds up quickly.
Alimony, yes. PreNup, yes. Make less than most would think, yes. Living in a Van down by the river? Almost.
Great point. Take it easy
30yrs old and I just blew all my savings on an overseas trip. Yolo I guess. Now it's time to sell my kidney & hair.
I see "in savings" differently than "savings account". I dont plan to ever have more than 3 months sallary in an actual account.
yes, its nice and now you can have up to 1million usd and still get 1usd a month fee.
Someone I know got a 80k inheritance and wasted it in less than a month, most likely drugs but horrifying self control.
My retirement plan is to dissolve capital, the state, and class. So far I've given some homeless people vegetables but it should be soon now
‘Retirement experts’ i.e. advisers that make money managing other people’s savings. A good rule of thumb is to halve any claim like this
Don't worry-- it will be someone that really deserves it. :)
I'm 32 and would love to be anywhere near what they say I should be but my rent costs literally half my monthly income soooooo.....
Does that count principal in a mortgage?
I have a SEP IRA.
News flash: 60K/year is shit compared to what a law degree costs.
You're a dumbass.
Put it all in bitcoin eh?
Buying bulk ramen noodles has really put our families financies under strain.
News flash...average US law school for In-state public institutions is around $27,000.00 per year. And $60K is about average for 1/2
Public defenders/public prosecutors...the bottom of the barrel jobs. Even so, it is not 100K in debt for a low demand job like English Lit.
First thing I did was contact my father to see if I have any Irish in me. Sadly not. It isn't an option for everyone unfortunately...
5% wage growth year over year. That’s not that outrageous if you’re salaried.
What happened to jumping off a tall building or a good ol' fashioned rope necklace tied to a tree?
Ive got my shells all saved up and an old classy 16 guage. Ready for a walk in the woods.
Up until a generation ago, people were not required to save from their net income, let alone their pre-tax income. This is a new thing
Never learned fractions. Or math.
Where the fuck is Arthur when you need him?
To save for my pension.
as a 40 year old, my retirement plan is to win the lotto..so i still have 25 years to make it happen.....
Big enough deal for you to chase my comments to downvote them. Suck a wet fart out of my ass fuckwit. You obviously don’t know shit.
I have four months in which to basically become rich...
Yes because Marine Biology is the study of organisms that live in the sea...not lakes. Freshwater Biology would be a better field of study
Not at all, but possessing a degree within a practical geographic area indicates intelligent thought. Not a lot of Forestry jobs in NYC.
No, the goal should be to educate yourself with practical employment skills instead of complaining that there a no six-figure knitting jobs.
Apparently, because owning my own home, being debt free and having a great job while affording things I love and enjoy is a sign of failure
It’s almost doubled if you’re in private rent.
Fuck man I'm still trying to roll doubles so I can hop back in the game.
I have two dollars to my name. One for bills. And one in my savings. Fml
Like, do they mean annual or monthly salary? Cause annual salary's gonna take a long time.
Do they mean 401k/super
I have never been THAT kind of person in my life. I consider MYSELF quite lucky that I have disposable income to waste.
damn sounds like my life.
My family wouldn't exist today without the Soviet Union. Why'd your family flee? Owned slaves?\
Yea, kinda like don’t over think my stupid joke.
I breed mine in the bathtub.
Im 35 and I'm there, double of "do it for the experience" is still nothing.
And not a soul has wanted q six figure knitting job. But the jobs you call useless, are for the benefit of humanity ,
Not everyone wants to just make pure money and look down on others , but now education is being seen by people as a liability due to greed
Is that double your salary, not including mortgage payments?
Everyone gets it after 65, doesn't madder if you work in your life or not. "Jubilación" we call. And is the minimum, you can get more
What is sarcasm, the highest or lowest form of wit?
For someone with so many imgur comments you'd thing you would know ironic sarcasm when you read it.
Youre forgetting a fuck ton of expenses like lights and water and internet. And general medical expenses shoot up and appear more frequently
That 7 years can turn into a lot longer, and it can get expensive as fuck real quick.
Useless without knowing if salary per day, week, month, year...
I don't get the avocado complaints. They're like $1.25 each at my local store. How is that expensive?
Sounds good to me if you want to give me your referral information you get hooked up with some free money I think
To everybody who paid in. So if you never worked, i dont think you get it.
About that, its quite common to search for a job for months or a year. Especially if you're in certain groups. Over 55 is one.
Felons of any sort have a rediculously hard time. People with health issues. Before I set up a support system, I couldnt regulate my sleep.
I still can't. But I don't miss work. Some times its just the market in a particular area. Its not dead, but there's nothing major.
My dad was a mechanic. 40 yrs. His shop shut down. No one is hiring. Went back to school for industrial maintenance. No one is hiring.
He's about to be 60. No one is hiring. He FINALLY got in to one place through family friends and it's not enough to live on.
Another place just called a week ago. He interviewed. Nothing so far. It can be hard. I support us. I know how hard he tries. I know where
I've had to push him. Sometimes your industry dies. It's happening. Sometimes you're just to old. Its stupid and illegal, but true.
Are you most people?
That’s not how any of the other comments in this thread seem to have interpreted it
I did not argue against you, and I don't know why I'm getting downvoted for acknowledging it wasn't your point in the first place.
Nope. All the 12 yr olds at the time thought I was wasting my time. Now they are the ones bitching on FB about how they are broke.
God, I hope someone steals my identity. Then maybe they can help me take care of my medical bills.
Oh well in that case I am sure you can take bets lol
Nope, wrong again. Using “sarcastic” incorrectly. This must be some job since you don’t need to speak so good or knows good stuff...
(See? My tone is SARDONIC) keep making them 160 k’s, doggy.
I included electricity, internet and water in that estimate. And statistically, it's 3 years for me. And there's no real point in going on
if you're not in reasonable physical and mental health. Yeah, sure, you can spend a ton of money to drag it out and they can keep you alive
Yes. Yes, this feels right, Goldfish Friend.
And some of us enjoy actually building things. Not every minute of every day, but I’d go bonkers sitting in an office all day.
for quite a while, but unless you're into laying unconscious in a hospital bed it's not really that interesting. To each his own.
I Can barely pay my rent, car i Need to get to work, mandatory insurances etc. Living Beat munich. Yesterday i learned i am Part of top 10%
Its so fucked up in our System allready and its getting worse every year
I work with electric. Was in field for 12 years. The past 2 i’ve moved to management. split time between office and field. I miss the field
Yes! By 40 you should be dead broke and your stockbroker stashing what was once your money offshore somewhere.
thinking of starting a trade or something when I graduate because I already know my degree will never push me past "barely breaking even"
at least not in any decent amount of time
I'm probably gonna move for this reason, but I'm in Miami. I imagine moving to a less expensive state will make retirement feasible
Some people do qualify. nhs.uk/conditions/social-care-and-support/nhs-continuing-care/
Still better than bonds, dipshit.
Cognitive Developmental vision. Basically how vision develops in childhood, particularly when wrong, like in autism and dyslexia
Now that is funny!
I already am :) 14% is only my pension
Doing stocks and real estate next to the pension - dont wanna put any more aside in my pension if possible.
I've know people who did it to pay for college. It's probably better than getting fucked my a bank for 15 years
If you make 20k you shouldn't stay in California. You would be better off going broke and being homeless if it got you out of that state.
Don't drop it on the house, make a minimum down payment to get a low interest rate, then invest the rest instead.
I’m unemployed so 0 x 2 = 0 Perfect!
i dont make enough to pay off the debt to where the interest rates wont wash out what i just paid into while saving money.
my company doesn't have a 401k match. i've only got about 10k left not including cars and house. but it's hard. i feel like Sisyphus.
Also “sarcasm” is inherently “ironic” jeez you’re a real shit show you know? Lol “160k” you rob banks or what?
Ok, well common sense says 250k ain’t enough to live on interest alone for years after retirement. That’s like 10k a year at a 4% yield.
My current company doesn’t have match either, but if you can get a return better than APR on debt then put money into savings.
Sure they are more European, but still pro Brexit at a party policy level. I suspect they have many members/voters dissolutioned.
Nice. Good luck with it!
The six figure knitting job is obviously an exaggerated example. And I am not calling any profession useless. However, placing yourself 1/3
2/3 in debt by acquiring a degree that has low income potential and few job opportunities is an bad choice and complaining about incurred...
Oh my god are you ignorant. You can choose poorly performing bonds, or you can choose stocks&higher performance. Or a blend!
3/3 debt in pursuit of that career is ingenuous. The world needs Artists, Musicians, Authors, Social Sciences, but they’re not high pay jobs
So dark...so f*cking true.
Once again, people asked how to invest and save money. you are trying to make money and might lose money cause stocks dont always make money
A secure investment is lower risk lower reward. BUT YOU HAVE MONEY IN 30 YEARS WHEN YOU RETIRE...but go ahead, dump your cash into stocks :)
Yes, I’m sure a teller is a reputable source to put all your future into bonds. Lololololol
In the sense, by stating that, the only ones who can afford to retire are the ones who can literally afford to retire..
... I have 1.3% of my salary saved.
Cool, thanks if you havent started I sent a link to it you get 5usd for free.
I read B.Eng as english, mea culpa. What type of engineering, and have you considered moving to where the jobs are
Millennial are destroying the shotgun market
Are they the ones you incested with? Then you should definitely give them something
well, I went back to grad school. finishing the old PhD. way over time for various out of my control reasons :(
Both these articles are great. I think the internet is a bit reactionary. I have very professionally successful friends my age who are gonna
Have a bad time in a few years cuz they haven't saved for retirement. I have a pension and still put money away. I can't trust either
Will be there in 25 years. Plus I still want to have kids and I'm moving to a bigger home so my mortgage will be $$$. But I'm an immigrant
So what do I know about how this society functions. I can't rely on society having my back as a minority. It hasn't been easy. The end.
34 this year and i have 1/4 salary, Rent and no real hope of ever buying anywere
Never said I’d need to rely on SS. I might even get to enjoy a weekly “early bird” special at Texas Roadhouse lol.
i know a guy that renovated his garage into a sweet bachelor pad while renting out the house. Not a bad idea
So do you realize now that we were always in complete agreement from the start?
The reason I mentioned raises is because the article in question presumably speaks about twice your current salary, your savings would be
affected by you're salary changes over the past 5 years.
I'm not a teller dipshit. I'm sure a person who can't save money is a reputable source for investing information....Lololololol
But obviously the only people that work at banks are the front line tellers with the highest turnover rate and lowest pay.
Can't be someone with a degree in comp science and in IT.
Yes, investing in stocks is bad advice. Says no financial planner ever in the history of the world.
You still don't get it dude. Jesus. Go bet on black its got a 47.some% chance of doubling your money instantly. Screw safely investing money
Lolol, you’re funny.
Envy's a bitch, huh?
Baby, i’ll take smart and middle class over dumb and rich any day. Enjoy your weekend.
My grandfather fought in Stalingrad and he hated the USSR. He fled to the Middle East and raised my mom there. She met my dad there too.
We only moved to America like 4 years ago because the company my dad worked for closed down and you need a job in the UAE to stay.
Also, my grandmother came from a poor Ukranian family, so I'm pretty sure her ancestry includes serfs.
PS my grandfather was a 15 yr old Russian who was trapped in Stalingrad due to Stalin's policy of not evacuating.
Does a English pound weigh more than a American pound?
Feathers or coal?
It was actually my supervisor when I was active duty that got me into the Dave Ramsey books. I am extremely happy I got started so young