- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Coaching Changes
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: 50% of millennials think they need $300,000 or less to retire in comfort
Posted on 8/18/21 at 9:58 am to EverettScott
Posted on 8/18/21 at 9:58 am to EverettScott
quote:I'm a millennial and know I definitely am, but have a plan in place.
Millennials know they aren't retiring.
I think the bigger issue here is the complete lack of personal finance education in schools itself. How many BS classes do people take in high school and especially college that add no value to your life yet we sit here and get to laugh at people who think $300k for retirement will be sweet. A lot of people simply dont have a clue.
It's crazy to me there's no mandatory personal finance course in high schools or colleges (there might in some cases, but certainly not on a mass scale). They dont have to teach methods to actually do, simply educate people on things because people really just lack the knowledge in a lot of cases of what they're doing.
I mean when I was 18 headed off to college, I thought I needed some student loans to get by, so I signed up and got them. No idea the ramifications of what signing up for all this debt would have in reality, it was just "free money" to me to help get me through college and worry about paying back later when i had a career job.
I mean they even make so stupidly easy to get this money, I remember 1 semester coming up a little short towards the end of a semester due to me losing a few tutoring clients and going to the bursars office and asking if there was a way I could get some more student loans. "Sure thing, no problem!"...oh okay, I only need $500 I think. "Well you can take out up to an additional $3500 if you want, up to you though"...holy crap really!?!? Well I guess I really only need $500 to get by, but I'll take a grand to be safe.
That interaction literally took 15 minutes, maybe. And I just signed up for additional grand in debt just like that. Had no fking clue what was really going on, but then you graduate, 6 months later, oh hey you owe us 32 grand, we need that back starting now...oh man, well, that was fun i guess while it lasted
2
Posted on 8/18/21 at 10:09 am to thunderbird1100
quote:
but then you graduate, 6 months later, oh hey you owe us 32 grand, we need that back starting now..
I get your overall point but no need to make shite up like this
Posted on 8/18/21 at 10:10 am to Mingo Was His NameO
quote:
I get your overall point but no need to make shite up like this
Not sure what you're talking about. After you graduate, you get 6 months of grace period then payments start up after that.
Posted on 8/18/21 at 10:35 am to thunderbird1100
quote:
Not sure what you're talking about. After you graduate, you get 6 months of grace period then payments start up after that.
There's a million ways to stretch your payments out for eternity. It's not smart, but it's not like some big Italian comes to your door with a baseball bat coming for the money.
Posted on 8/18/21 at 10:43 am to EverettScott
quote:
Millennials know they aren't retiring.
Posted on 8/18/21 at 11:18 am to thunderbird1100
quote:
It's crazy to me there's no mandatory personal finance course in high schools or colleges (there might in some cases, but certainly not on a mass scale). They dont have to teach methods to actually do, simply educate people on things because people really just lack the knowledge in a lot of cases of what they're doing.
I agree that personal finance should be taught because it's an important life lesson - arguably the most important one. However, if you're a functional adult you should also have enough sense to seek out information on topics you don't understand. I feel like the "school didn't teach me this" narrative is a copout used by lots of adults on a lot of various topics.
Posted on 8/18/21 at 11:22 am to FinleyStreet
basic schooling does not teach you how to make money like we discuss here via RE, stocks, futures, lending , etc. it prepares you for a job.
Posted on 8/18/21 at 11:26 am to FinleyStreet
quote:
if you're a functional adult you should also have enough sense to seek out information on topics you don't understand. I feel like the "school didn't teach me this" narrative is a copout used by lots of adults on a lot of various topics.
You are severely overeastimating the average person
Posted on 8/18/21 at 11:29 am to Fat Bastard
quote:
basic schooling does not teach you how to make money like we discuss here via RE, stocks, futures, lending , etc. it prepares you for a job.
I don't know that a high school education prepares kids for work life, per se. What it should do is give you the critical thinking skills necessary to do your own research when you encounter a new problem or topic. Now, whether or not it actually gives kids those skills is another debate.
Posted on 8/18/21 at 11:49 am to offshoretrash
quote:
I'll retire with $5000 a month in SS and pension. That's enough money for us to do damn near anything we want without touching a dime of 401k.
People underestimate health care costs. An assisted living facility easily costs $5k/mo.
I would budget no less than $8-10k/mo total income for retirement and assume by 70 one partner will need full time care.
Posted on 8/18/21 at 1:02 pm to B4YOU
We on the Money Talk board are in the vast minority. Most people would rather spend their time searching for the next WAP song to be released or newest ticktock video. The people on this board are putting themselves in a position to retire early and hand down generational wealth.
Posted on 8/18/21 at 1:27 pm to Mingo Was His NameO
quote:
There's a million ways to stretch your payments out for eternity. It's not smart, but it's not like some big Italian comes to your door with a baseball bat coming for the money.
Wasn't like that at all. Just saying after 6 months your payments start up. You choose your path of 10/20/30 year payback at that point (or before that point). for a lot of people who never had debt, it's kind of the big wake up call as to what's ahead. Which still weird to me those are the only options for payback. Why would someone with say $10k-$15k of loans need a 10 year payment plan? Or for that matter my case of $32k for 10 years...Obviously can always pay back sooner (I did), but the default should really be like 5 years. Of course, they dont get near as much sweet sweet interest in that case.
This post was edited on 8/18/21 at 1:31 pm
Posted on 8/18/21 at 1:41 pm to FinleyStreet
quote:
However, if you're a functional adult you should also have enough sense to seek out information on topics you don't understand. I feel like the "school didn't teach me this" narrative is a copout used by lots of adults on a lot of various topics.
Are we really assuming 18 year olds living with their parents are truly financially literate enough to understand what they're getting into by getting into (potentially) massive student loan debt? I mean come on here. Also, I'm not using this as any excuse, just the reality of the situation.
I mean for most kinds of debt you need SOME collateral, there's no collateral needed to sign on the dotted line for govt. student loans. You dont have to have an income, you dont have to "own" major assets, nothing. It's just a huge line of unsecured debt to help pay for school as needed...and they will let you borrow A LOT for it. It's a very easy solution for an 18 year old headed off to school with no other financial assistance to turn to and not think twice about it...then BOOM now you're 22, a graduate and you got $30k-$40k-$50k in debt for a "cheap" school and wondered WTF happened.
Again, not a excuse, just the reality of the situation. There's no education on this really at all or personal finance in general in high school/college. Now I'm not saying it would solve the student loan crisis we have (it wouldnt, the govt stopping handing out money would solve that), but it certainly couldnt hurt to make sure people have the knowledge before doing all that so we cant sit here and just say "well why werent they a responsible 18 year old living at home with no knowledge of what they were even getting into?" At least if they had the knowledge, and still get into that situation, it's hard to say at least we didnt do SOMETHING to help prevent it. Heck maybe even throw in the Student Loan chapter what degrees make what money after school so people arent getting $200k basket weaving degrees and serving tables the rest of the life after with no hope of paying that off.
This post was edited on 8/18/21 at 1:44 pm
Posted on 8/19/21 at 12:07 am to pioneerbasketball
On one hand, it pains me to accept that so many people are so damn stupid.
On the other hand, at 37 years old, I find it encouraging that I’m already over that threshold.
Definitely not a brag (I’m certainly not retiring at 45 with $3M) but a recognition that being responsible has its advantages.
On the other hand, at 37 years old, I find it encouraging that I’m already over that threshold.
Definitely not a brag (I’m certainly not retiring at 45 with $3M) but a recognition that being responsible has its advantages.
Posted on 8/19/21 at 6:49 am to John McClane
I'm always thinking about being ahead of the curve for retirement but I have a feeling that even if I had 50 million dollars at the age of 40 and I'd say "60 million is the magic number for retirement". Point being, it's hard to imagine being completely comfortable once I no longer have a steady income. I'll have to have a lot of passive income streams in order to clear that hurdle mentally I think.
Posted on 8/19/21 at 7:04 am to thunderbird1100
quote:
Are we really assuming 18 year olds living with their parents are truly financially literate enough to understand what they're getting into by getting into (potentially) massive student loan debt? I mean come on here. Also, I'm not using this as any excuse, just the reality of the situation.
If you're the one signing on the dotted line then you should know exactly what you're signing up for. At this point, you'd have to be living under a rock not to hear about the student loan crisis.
Posted on 8/19/21 at 7:21 am to FinleyStreet
quote:
If you're the one signing on the dotted line then you should know exactly what you're signing up for. At this point, you'd have to be living under a rock not to hear about the student loan crisis.
Again, it's easy as older wiser people for us to understand that. Kids who are 18 typically dont understand that, that's the point here. To expect 18 year olds signing up for huge lines of unsecured debt to fully understand what they're getting into when theres ZERO education (unless you go out of your way) is just not realistic. If there was SOME type of personal finance education that went over this however they taught in schools, it could AT LEAST help educate those young folks.
Almost every single kid signing up for unsecured student loans really has no idea what they're ultimately getting into because there's simply no education around it. What they really hear the most is "well everyone whose parents don't pay for school take out student loans so it's just a necessity" and this is the 'education' that they get pretty much.
This post was edited on 8/19/21 at 7:22 am
Posted on 8/19/21 at 7:51 am to thunderbird1100
quote:
Again, it's easy as older wiser people for us to understand that
So it would be easy for their parents to understand that?
Posted on 8/19/21 at 8:08 am to thunderbird1100
I realize a lot of kids don't get it. But they should. The thing is, when it comes to loans, it isn't a difficult concept to grasp. Ultimately, we're talking about low-level math. It's an interest rate, a lump sum, pay back, and time. That's it. If students can get through high school math and science, then it isn't a reach to expect this same group to understand elementary-school math. Ultimately this conversation boils down to personal accountability more than anything else.
Posted on 8/19/21 at 8:22 am to pioneerbasketball
I’ll be turning 65 in a couple of months but actually stopped working about 5 years ago and began drawing SS about 2 years ago when my ex decided to start drawing early. Divorced about 15 years ago after married for 30. I was always a careful money manager and have right at a million, most invested low risk, small SEP, small Roth, small regular IRA in the mix. No pension, no 401k. Worked full time before kids, some part-time after, but mainly raised kids, volunteered a lot and managed our household including finances. I only draw $1000/mo from SS. I take additional funds from dividend distributions for the majority of my additional needs. I feel like I’ve done a fairly good job of growing what I ended up with from the divorce.
My partner of 10 years is in his early 70s. We both have taken very good care of ourselves, we’re both slim, healthy and take no medications, don’t smoke or drink. I own my home free and clear, we each contribute $1000/mo to a joint household account which handles all household expenses which includes taxes, insurance, car expenses, etc. The house is around 2000 sq ft and in a very nice subdivision with mostly retirees and is perfect for us. We do enjoy traveling. Took a road trip for nearly 2 months and went to Europe before covid. We do live a simple life but I have no problems meeting my needs. We truly enjoy being with each other and look forward to getting back to traveling more. Right now we’re content to enjoy being with family and a few close friends, reading, watching a movie and I love gardening.
My children are both early 30s along with their spouses. They were raised to know how to manage their finances. They fully fund their 401k, own their homes with no pmi. We funded accounts for their college education and then handed it over to them to manage. Whatever was left was a nest egg for them to get started in life. They both had scholarships and managed themselves very well. Neither has ever asked for a penny from me and have been on their own since graduation. I couldn’t be more proud of them and now have my first grandchild this year.
I see retirees in all kinds of situations. Good and bad. There are tons here in Florida working in retail to make ends meet. I feel very blessed to have things end up this well for me. I have health, happiness, love and no worries. Life is good.
My partner of 10 years is in his early 70s. We both have taken very good care of ourselves, we’re both slim, healthy and take no medications, don’t smoke or drink. I own my home free and clear, we each contribute $1000/mo to a joint household account which handles all household expenses which includes taxes, insurance, car expenses, etc. The house is around 2000 sq ft and in a very nice subdivision with mostly retirees and is perfect for us. We do enjoy traveling. Took a road trip for nearly 2 months and went to Europe before covid. We do live a simple life but I have no problems meeting my needs. We truly enjoy being with each other and look forward to getting back to traveling more. Right now we’re content to enjoy being with family and a few close friends, reading, watching a movie and I love gardening.
My children are both early 30s along with their spouses. They were raised to know how to manage their finances. They fully fund their 401k, own their homes with no pmi. We funded accounts for their college education and then handed it over to them to manage. Whatever was left was a nest egg for them to get started in life. They both had scholarships and managed themselves very well. Neither has ever asked for a penny from me and have been on their own since graduation. I couldn’t be more proud of them and now have my first grandchild this year.
I see retirees in all kinds of situations. Good and bad. There are tons here in Florida working in retail to make ends meet. I feel very blessed to have things end up this well for me. I have health, happiness, love and no worries. Life is good.
Page 6 of 8
Popular
Back to top
Follow TigerDroppings for LSU Football News