this post was submitted on 06 Oct 2023
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Of all generational cohorts, older millennials are most likely to generate enough income to retire comfortably, according to the latest Vanguard Retirement Readiness report.

Specifically, millennials aged 37-41 have the greatest chance of landing a comfortable retirement.

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[–] [email protected] 13 points 1 year ago (4 children)

What if you're in your late 30's and you have ~20k in debt and barely any savings to last a month. I'm staring down a hopeless void.

[–] [email protected] 5 points 1 year ago

File. For. Bankruptcy. Best decision you could ever make. Hell, just ask GPT how to do it. It's just paper work and then blamo, debt be-gone. Do some research , there different kinds of bankruptcy. The rich do it all the time. It's as American as President Camacho.

[–] [email protected] 1 points 1 year ago

There's a guy on YouTube who has a channel for people like you... Caleb Hammer.

[–] [email protected] -3 points 1 year ago (2 children)

When I was in my early 30s I had 40k debt. Now I am near 40 and cleared them all and have savings and property worth 100k.

And HRV + Ioniq 5 to boot.

Everything is possible.

[–] [email protected] 7 points 1 year ago (1 children)
[–] [email protected] -5 points 1 year ago (1 children)

Beans? I got Steak. Work harder and smarter so you dont eat beans.

[–] [email protected] 1 points 1 year ago

I actually prefer beans over steak.

Some good sashimi though? I'll take that.

[–] [email protected] 3 points 1 year ago (1 children)
[–] [email protected] 0 points 1 year ago (1 children)

Sounds like he's a landlord.

So he's skimming of others income. A leech.

[–] [email protected] 1 points 1 year ago (1 children)

Even leechyness aside, it's just winning the housing market lottery. No one can afford a house right now, and if they could, it's not appreciating like crazy anymore.

The guy got extremely lucky with timing and also somehow found enough cash for a down payment.

[–] [email protected] 2 points 1 year ago

Correct. It is not a universal solution.

"Can't make rent, afford a car, food, etc? Just get some rental properties!" -- out of touch wealthy people.

[–] [email protected] -4 points 1 year ago (2 children)

It's not hopeless. You're behind ideal, but you can be in a good spot by your mid 40s if you make that a goal. 30k makes you debt free and have a good emergency fund. If you haven't changed jobs in a few years, you can probably find another job with a raise that gets you 30k more in about 3 years.

If you wipe out that debt by 45 and start saving for retirement, 15k/year nets you about 500k-700k by 65. That's not retire on a beach money, but it's better than the average boomer.

[–] [email protected] 7 points 1 year ago (1 children)

Where are you getting his income figures from?

If you haven't changed jobs in a few years, you can probably find another job with a raise that gets you 30k more in about 3 years.

"Everyone works in STEM"

[–] [email protected] -1 points 1 year ago

Even outside stem wages have gone up for many jobs and if you only have gotten no or sub 5% raises for a few years it's worth looking.

[–] [email protected] 2 points 1 year ago (1 children)

Does this plan require good returns on investments? Cuz 15K × 20 years doesn't equal 500 to 700k. Isn't that how a lot of boomers got financially wrecked? Putting all their money into 401Ks or housing only to have them lose a ton of value every time there's a once in a lifetime financial crisis? Hopefully this doesn't sound sarcastic, they're honest questions.

[–] [email protected] 2 points 1 year ago

Yes it's assuming 7% which is a long term average. Boomers largely never saved for retirement, it wasn't wiped out. The stock market is resilient over time, with retirement planning it's important to not panic and pull money out, use index funds and there's very few 5 year periods where the market is actually down. When your close to retirement get more conservative, because a downturn can really hurt you when tour planning to withdraw that money. A financial planner can help, they should be able to explain their plan and fees upfront l. The plan may be a bit general until you actually sign something, but you shouldn't have to pay one for an initial meeting.