Posted on 06/09/2017 12:07:40 PM PDT by CorporateStepsister
According to a poll from our partner, MSN, 67% of American millennials (aged 18 to 29) want to quit the working world at or before age 65. The current full retirement age, meaning the age at which Social Security benefits fully kick in, is 67 for those born in 1960 or later.
MSN polls its readers, and then uses machine learning to model how a representative sample of the US would have responded, using big data, such as the Census. It's nearly as accurate as a traditional, scientific survey.
(Excerpt) Read more at msn.com ...
2/3 of young men over 30 still have no clue what it costs to live on your own.
And the old backup plan of women moving in with a guy with money is gone.
Both are going to starve to death without mom and dad.
I followed Dave Ramsey’s advice and I’m 56, debt free and retired! However, I started working at 15 and was self-supporting at 17. I never looked back. (I had a loving family; I wasn’t trying to ‘escape’ anything.)
It can be done - you just have to plan the work and work the plan, though I realize that concept is lost on many younger than myself. ;)
Here is the plan:
Step 1: Find a job you don’t hate. Better yet, find a job you like. Find something you don’t mind doing everyday.
Step 2: Do that job as long as you can, or you die, whichever comes first.
If I can still do my job when I am 75, I will still be doing my job.
My lifestyle as an employed person is pretty darn good. My job doesn’t suck. I like the people I work with. I have everything I want, plenty of money, and I can travel, buy fun stuff, and provide for everybody who depends on me. Why would I stop doing that?
You nailed it. Real Estate has been very good to me! AND I ate A LOT of rice and beans to afford said Real Estate. :)
About ten years ago I actually scaled back on my 401(k) contributions because I figured I'd be better off investing some of that money in my own business pursuits. It's worked out well for me so far -- and I have no interest in retiring.
To retire early, one must have a job to retire from. You cannot get Social Security until 62 at the earliest. And with the debt SS is causing with be Boomers, retirement will probably be moved up higher in the years to come. Another great Dimocrat move with LBJ I think it was who put the SS funds into the general fund. No longer protected, to help pay for Vietnam and his Great Society mess.
"On-Budget"
In early 1968 President Lyndon Johnson made a change in the budget presentation by including Social Security and all other trust funds in a"unified budget." This is likewise sometimes described by saying that Social Security was placed "on-budget."
This 1968 change grew out of the recommendations of a presidential commission appointed by President Johnson in 1967, and known as the President's Commission on Budget Concepts. The concern of this Commission was not specifically with the Social Security Trust Funds, but rather it was an effort to rationalize what the Commission viewed as a confusing budget presentation. At that time, the federal budget consisted of three separate and inconsistent sets of measures, and often budget debates became bogged-down in arguments over which of the three to use. As an illustration of the problem, the projected fiscal 1968 budget was either in deficit by $2.1 billion, $4.3 billion, or $8.1 billion, depending upon which measure one chose to use. Consequently, the Commission's central recommendation was for a single, unified, measure of the federal budget--a measure in which every function and activity of government was added together to assess the government's fiscal position.
This change took effect for the first time in the President's budget proposal for fiscal year 1969, which President Johnson presented to Congress in January 1968. This change in accounting practices did not initially put the President's budget proposal into surplus--it was still projecting an $8 billion deficit. However, it is clear that the budget deficit would have been somewhat larger without this change (it is difficult to say how much larger because this change was mixed-in with the other legislative, budgetary and fiscal policies the President was urging Congress to adopt). In early 1969--just five days before leaving office--President Johnson sent his 1970 budget message to Congress, also using the revised accounting procedures. At this point, a year later than his initial estimate, he was projecting the budget for 1969 to be in a net balance of $2.4 billion. (The fiscal year 1969 began on January 1, 1969, even though the President had released his FY 1969 budget almost a year earlier.)
“now, you can afford to spend twice as much on OLD broads”
I plan on it.
My sweetheart and love of my life is older than I am, and she is one Hot Mama.
That is if the kids don’t push us off the boat and take it all. /s
Retire early? HA!
They will be lucky to have a job, and will not be allowed to collect SSA until age 70, I predict. They will be hard pressed to be able to afford to retire by that time. Unless they have already started saving and investing, and they manage to stay healthy, they will be looking at a substantial reduction in standard of living when they stop working
(I started saving and investing young, but my health failed, and some of my investment choices turned out poorly. So I am living on the edge of poverty: “land poor” we use to call it.)
I don’t WANT to retire early! I love my job and hope to keep at it until I’m way past “retirement” age!
I plan to do the same but I have no hobbies. I don’t have anything to spend money on. I don’t like to travel unless it is to a beach house with my drunken friends.
“Now that we’re retired, I’ve got half the income and twice the husband!”
;^)
Relax, you’re included in the lucky, mellowed, mature subset. A potential beneficiary of thrift, althoigh of cpurse YMMV.
Me, I can lavish more on my wife then I could 35 years ago. Same principle.
Step one - cut the social media cord
Step two - stop breaking your parents with college tuition and running up an unpayable loan
Step three - learn a skill
Step four - get a real job
Step five - move out of mommy’s basement
Welcome to reality, kiddies. Where “you’re special” and participation trophies don’t mean jack s**t.
The reality is that most of these Millennials will never see a dime of SS by the time they reach full retirement. My financial advisor has basically told me that I’ll be luck if I’m part of the last group of retirees who will get anything out of SS. Which is why my retirement planning is designed to not rely on getting any SS. SS would be considered a ‘bonus’.
This article assumes life will just continue on as normal withstanding calamities of inflation, market crashes, Global World Wars, chaos, a complete cease of civilization and everything else that survivalists have been talking about for years.
I turned 40 earlier this year. Used to invest the max 25% from 26 until I the President of death got elected in 2008. Bumped back to 10%. Based on what I know, my 401k is higher than 95% of people my age. I still say I’ll never see a penny of it for the reasons stated above.
Love it. Lucky girl.
You can’t ‘retire’ if you never worked. :)
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