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Started By
Message
re: The Next Recession Will Destroy Millennials
Posted on 8/27/19 at 8:55 am to GRTiger
Posted on 8/27/19 at 8:55 am to GRTiger
quote:
I'd wager a recession will suck the worst for the economic illiterates in their 50s and 60s who have less than $100,000 in retirement savings. Like the last time, they'll get wiped out and have to add 15 years to their working lives to recover.
Exactly.
Person A is 61 with $85k in retirement. Person B is 29 with $34k I’m retirement. If it gets wiped out, Person B has plenty of time to bounce back. Person A, not so much
0
Posted on 8/27/19 at 8:55 am to The Maj
quote:
very few people are working in their 70's because they want to
about 1/3 are
the vast majority of the rest are doing it b/c of their financial situation (primarily house debt and medical expenses)
Posted on 8/27/19 at 8:57 am to OleWarSkuleAlum
quote:
more vulnerable than other, older age cohorts.
My cohort will kick their cohort's vulnerable little asses. So I've got that going for me.
Posted on 8/27/19 at 8:57 am to whocares1
whocares1
To a large extent this is true. However, it just goes to show that EVERY program run by the government is bad. What if they, instead of controlling it, allowed for a uniform retirement system to be set up, apart from government, where your employer would contribute directly into that account and you would direct its investment (limited like a 401K) And, you could contribute additional as well.
quote:
Those programs are not entitlement programs, or weren't intended to be. Both were programs that an employee paid into for future retirement benefits. Allowing funds to be redirected to other programs and systemic abuse of the programs has turned them into something else.
To a large extent this is true. However, it just goes to show that EVERY program run by the government is bad. What if they, instead of controlling it, allowed for a uniform retirement system to be set up, apart from government, where your employer would contribute directly into that account and you would direct its investment (limited like a 401K) And, you could contribute additional as well.
Posted on 8/27/19 at 8:57 am to BurningHeart
quote:
I'd be more concerned about being in extreme debt during a recession. The prolonged 0% interest rates encouraged people to load up on credit rather than save. Now when a recession hits and these people lose their jobs in debt, that'll be bad.
Our firm's reports show the exact opposite. Overall consumer debt is lower now than pre-2008. Granted it doesn't show by age bracket, but the next recession will be mild compared to 2008.
Posted on 8/27/19 at 8:57 am to wutangfinancial
quote:
It'll be interesting to see how the population reacts to austerity. Will millenials and Gen Zs figure out that massive public spending isn't a net benefit to young people? Or are they going to go full retard and double down on wanting a larger public "support net?" My guess is the later unfortunately. Right now their idea of how government should operate will absolutely crush the dollar and make consumption way more expensive. Should be interesting next few decades.
i agree i think there is going to be volatility from shifting policies back and forth. i also agree this will make life more expensive (the transactional costs along will be staggering) and the generation that is supposed to be building wealth 40-60 will be cast with propping this sinking ship up. that's what i fear for those around my age
Posted on 8/27/19 at 8:58 am to SlowFlowPro
quote:
economy was really build to handle)
There's your problem. Our economy wasn't "built". It is constantly evolving, because liberty allows it to. If it were "built" and controlled ala communist USSR, it would be MUCH MUCH worse.
Fortunately, the opportunity is there for people to think outside the box and pursue those other avenues (we don't need another silicon valley, ideas that aren't rooted in technology are money makers too). But to do that, they have to stop playing the victim card and start taking responsibility for their own futures.
Posted on 8/27/19 at 8:59 am to SlowFlowPro
SlowFlowPro
There are so many available jobs right now, in every sector, it does not matter how many older people are still working.
quote:
about 1/3 are
the vast majority of the rest are doing it b/c of their financial situation (primarily house debt and medical expenses)
There are so many available jobs right now, in every sector, it does not matter how many older people are still working.
Posted on 8/27/19 at 9:01 am to SlowFlowPro
It's interesting.
First, I thought studies demonstrated that work life balance was more important to millennials than working really hard. This is a change from prior generations.
Also, millennials are saving less than prior generations. Vacations rank very high on their list and home ownership is not very high. They think about the now rather than the future.
These two things have screwed millennials as much as other things have. Of course done things are outside of their control, but many things that have fricked them are due to their own designs.
First, I thought studies demonstrated that work life balance was more important to millennials than working really hard. This is a change from prior generations.
Also, millennials are saving less than prior generations. Vacations rank very high on their list and home ownership is not very high. They think about the now rather than the future.
These two things have screwed millennials as much as other things have. Of course done things are outside of their control, but many things that have fricked them are due to their own designs.
Posted on 8/27/19 at 9:04 am to OleWarSkuleAlum
This generational fighting is stupid. Every generation has their useful idiots, as every generation also has their bright and productive citizens.
Posted on 8/27/19 at 9:07 am to OleWarSkuleAlum
I'm 38 and completely reject the millenial label, 100% gen X
Posted on 8/27/19 at 9:10 am to thetempleowl
quote:
Also, millennials are saving less than prior generations
not shocking considering the change in economy
quote:
Vacations rank very high on their list and home ownership is not very high. They think about the now rather than the future.
not buying a home right now is very good future-oriented thinking
Posted on 8/27/19 at 9:10 am to OleWarSkuleAlum
If Bill Maher / Democrats can cheer on a recession to destroy Trump, I can sure as hell cheer on a recession to destroy millenials.
Posted on 8/27/19 at 9:12 am to OleWarSkuleAlum
quote:
You’re telling me $1000 a month in rent will crush economically a single millennial?
A large percentage.. specifically those with student loans. Average millenial makes 35-40k. They'll be fine in the long run but an economic downturn will be a dagger for millenials in an unprecedented way.. they need to be able to discharge student loans.
Posted on 8/27/19 at 9:15 am to bmy
I get it that thieves like you would love to not live up to their commitments. It's sad what some of you have become.
This post was edited on 8/27/19 at 9:20 am
Posted on 8/27/19 at 9:18 am to bmy
quote:
A large percentage.. specifically those with student loans. Average millenial makes 35-40k. They'll be fine in the long run but an economic downturn will be a dagger for millenials in an unprecedented way.. they need to be able to discharge student loans.
well the loan debt will remain somewhat constant, but if a recession does hit those rents will go down in time
Posted on 8/27/19 at 9:18 am to OleWarSkuleAlum
Boomers genuinely hate their own children (and everyone except for themselves, really).
Posted on 8/27/19 at 9:19 am to PickupAutist
Link?
Posted on 8/27/19 at 9:22 am to bmy
quote:
A large percentage.. specifically those with student loans. Average millenial makes 35-40k. They'll be fine in the long run but an economic downturn will be a dagger for millenials in an unprecedented way.. they need to be able to discharge student loans.
Join the Army you’ll be able to pay $1000 a month in rent, free undergraduate education, free Graduate degree, and you’ll still have the entire post 9/11 GI Bill once you’re out...
This post was edited on 8/27/19 at 9:23 am
Posted on 8/27/19 at 9:23 am to OleWarSkuleAlum
I think it’s some sort of parody. I’m 31, and while the early and mid 20’s were pretty rough, economically speaking, my peers and I seem to have crawled through the muck and made it to the other side. Sure, I’m paying off student loans but for the time being it’s not stopping me from doing too much, except maybe buy a new car but that’s a want not a need.
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