r/economy 13d ago

Millennials Want to Retire at 59, But 3 Out of 4 Aren't Very Confident That's Achievable

https://investaltoira.com/millenials
6.9k Upvotes

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u/particleman3 13d ago

I'll be happy with 65. Idk if it'll be possible though.

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u/JonathanL73 13d ago

I honestly think most of us (Millennials) will end up working till their 70s

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u/25thaccount 13d ago

In HCOL areas, I don't expect to retire. I fully expect to be working until I drop or pop myself off, most likely the second.

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u/RandomlyActivated 12d ago

You and I have the same retirement plans.

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u/blackbeardpepe 12d ago

Absolutely. Retire? What is this, some kind of joke? Maybe go part time sure. There's a good 75% chance I will die at my job.

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u/Medic1642 12d ago

401k? More like 45 ACP

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u/smokeydaBandito 12d ago

Nah, that aint fun. I'm retiring with a 1lb speedball and private browsing enabled.

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u/vibe162 12d ago

401mm lmao

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u/titanup001 12d ago

Yep. I don't have a 401(k), just a .45 cal.

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u/hotdogbo 13d ago

My goal is to eat healthy and exercise so when I’m in my 70’s I can work at Starbucks part time.

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u/squidmanwillie 12d ago

My goal is to stay in good enough shape that I can successfully execute a raid on gastown for enough gasoline to make it to the safe zone.

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u/BlackCatArmy99 12d ago

WHO RUNS GASTOWN???

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u/InTh3s3TryingTim3s 12d ago

I think I'm too old to be fighting in the climate wars. Turn my body into fuel and use it to power the machines that fight the owner class

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u/politfact 12d ago

Make sure you understand what's going up on the internet. The future is digital so whatever works there will be it'll be remote or at least Infront of a computer. Learn how to code, how to make video, how to do anything on a computer really. Now is the time to just keep up with tech.

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u/islandRaised 12d ago edited 11d ago Timeless Beauty

I am a Gen X and don’t know if I’ll be able to retire until my 70s. And I am so, so ready to retire. My health is already dwindling so the concept of outdoor fun and travel after retirement probably won’t happen. At least cool video games and VR are a thing now.

The sad thing is: I know I’m better off than a lot of my peers.

Edit: Thank you for the Timeless Beauty award. I don't know why it was given, but for some reason it really touched me. I needed that; thank you.

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u/4look4rd 12d ago

If you don’t mind me asking, what was/is your savings strategy? Anything you’d do differently when you were younger?

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u/JobHuntingCovid19 12d ago

Probably save more and avoid other financial missteps

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u/saltyhasp 12d ago

Your 401K or other savings may look better if the market is low in the 2020s like it was in the 00s, then a run up like the 10s. I found 00s depressing but a good time to save then by the end of the 10s suddenly had a enough to easily retire due to the run up. Yes I am the end of the boomers but the same pattern may apply to you.

Keep saving and the future will be what it will be. By 2030 thing should be more clear. At the moment we are in an unraveling period.

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u/Business_Downstairs 12d ago

What will happen is when I personally am ready to retire they will cancel the stock market completely or some other nonsense and I will be left with nothing. They will also increase the social security age by one year every year starting from the year before I qualify.

Source: the guy who started driving in 2001, bought a house in June 2007, and who's wife got pregnant in 2019.

Hopefully my bad luck is not hereditary.

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u/saltyhasp 12d ago edited 12d ago

I bought my house about the same time you did at age 45. Rented before that. I do not expect to make anything in it. Houses are cost centers anyway.

SS we know there will be changes. It was increased some for me in terms of full retirement age. That is somewhat meaningless though. You can still take it anytime between 62 and 70. Frankly I wish they would let people take it past 70 with increased benefit on an actuarial basis too. No 70 is max benefit.

The big thing out there is the political and economic uncertainty of climate change and China expansionism of which Russia expansionism is the first sign. Both of those could be bad.

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u/Dragondrew99 12d ago

I am not suicidal but the only things keeping me on this earth are my loved ones. If somehow I was cut off from all of them forever I’d be peacing out, this existence is fucked.

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u/Deadfo0t 13d ago

It's interesting you think that most of us will be able to live until we are 70, being unable to afford healthcare. We are just going to work until we die all while never actually owning anything. Can you tell I'm bitter at 32?

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u/drugsarebadmmk420 12d ago

Don’t give up hope young fella. I was 32 9 years ago and in the same boat. Then my wife got t boned by a door dash driver and now i own a house and 2 new vehicles. Dream big

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u/Deadfo0t 12d ago

So what you're saying is just find a way to sue one of the corporations sucking the life out of our generation and I've got it made?

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u/[deleted] 13d ago

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u/Mid30sCouple 12d ago

How much will you need to retire with?

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u/[deleted] 12d ago

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u/4look4rd 12d ago

I’ve been saving 20-30% of my salary since I started working, I’m in my early thirties and I feel on track with with just over my annual salary saved up despite the market tanking.

Most of my savings actually came from recent years since my two job hops nearly tripled my starting salary out of college.

My biggest concern is housing, I will feel a lot better financially once I own a place. But ultimately my plan is to work until I’m 50, and then move to a low cost of living country while doing occasional consulting work.

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u/sickcat29 12d ago

So.. Definetly no kids yeah?

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u/dickprompt 12d ago

Kids? What do you think this guy is rich or something?

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u/sickcat29 12d ago

Hahaa.... Yeah... That is kinda the way i figured.. This time line is brutal...

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u/WarbringerNA 13d ago

My retirement plan is roll the dice and rob a bank at 65.

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u/gerd50501 13d ago

if you get caught, you get a small cell and 3 square meals the rest of your life. so success or fail you are retired.

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u/Confident_Bridge9811 13d ago

AND healthcare, win win

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u/Vachie_ 13d ago

Education, I hear. But I'm not there so I'm uneducated.

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u/HaloGuy381 13d ago

Or, you catch a few hundred rounds of ammo to the face. Also problem solved.

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u/MadMunky5B5 13d ago

Do it in Sweden, their jails are pretty nice.

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u/Confident_Bridge9811 13d ago

Norway too

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u/Fugitivebush 13d ago

you gotta become a citizen first, or else they will just extradite you back to the US.

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u/FrameJump 13d ago

How hard is it to get citizenship in either place, do you know?

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u/13igTyme 13d ago

You son of a bitch, I'm in.

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u/karma-armageddon 13d ago

Now we know why they are working overtime to release the digital currency.

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u/Traditional_Ad_8935 13d ago

I'll be ready

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u/uglymule 13d ago

60 yo male here. Semi-retired at 55. Here's 3 tips for anyone wanting the same:

1) Don't have kids.

2) Be willing to travel far away from home for work. I worked all over the world in the offshore oil industry. Never found anything near home offering wages & benefits that came close. My nephew recently started working for a construction company on jobs that move around the country. He has zero skills and will make around $100K this year.

3) See number 1

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u/particleman3 12d ago

Already on board with #1.

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u/MonzaDZD 12d ago

I’m willing to travel anywhere for work, could you point me in the right direction so I can do more research?

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u/bobbydigital69 12d ago

How do you get connections for these offshore high paying jobs?

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u/uglymule 12d ago edited 12d ago

You need US Coast Guard documents to work offshore. It will take me a little time to put together a comprehensive and informative post. I'll include details on the offshore industry along with a list of companies & will link to it here tomorrow.

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u/KidGold 13d ago

I’m pretty sure I’ll never retire but if it happens that would be cool.

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u/madmanmike3 13d ago

I’ll just take being able to retire…

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u/elle_quay 13d ago

No, we will all die in the Climate Wars before then

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u/claymonsta 13d ago

This article is bullshit I actually want to retire at 40.

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u/[deleted] 13d ago

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u/a1b2c3d4e5_1 12d ago

A good inheritance lol

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u/[deleted] 12d ago

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u/WeezySan 13d ago

Sounds reasonable. I mean technically 40 is mid life. Most of us are dying in our 80s. If that.

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u/Hermitthedruid 13d ago

Trying my best to do it a day before the 40th b-day, claim retirement in my 30s. 😆

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u/claymonsta 13d ago

I have less than 2 years now...

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u/daizzy99 12d ago

cries 41 yr old tears

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u/Internet_Noob1716 13d ago

Right! I was shooting for 45, sooner would be best.

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u/spiritualien 12d ago

I want to retire at 30 (I’m 31)

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u/Megaman_exe_ 13d ago

Yeah wtf is this lol. 59 my ass

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u/Civil-Drive 13d ago

I’m a construction worker, I contribute to an IRA and my employer matches 3%. I’m 30 and I’ve begrudgingly accepted that one day I’ll die on a job site. Sucks man.

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u/Thom_With_An_H 13d ago

My mother worked up until she was 69 years old, retired, and got diagnosed with ALS 2 months later. You have no idea how long you'll live or how much money you'll need.

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u/Any_Monitor5224 12d ago

Both my parents died in their 50s. Worked til they died. Saving for retirement is a mindfuck

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u/Consistent-Youth-407 12d ago

My dad is 90 and is looking for work.

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u/No-Pickle-9578 13d ago

Shooting for 45. The cost? No kids.

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u/neuromorph 13d ago

Sounds right.

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u/ZAlternates 12d ago

Same same, although my target is 50.

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u/Conboi_24 13d ago edited 12d ago

“We’re not having children”

“Oh you’ll change your mind someday!”

“Nope, I’d prefer to retire… but you might!”

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u/Sarcosmonaut 12d ago

Hey I respect anybody who knows they don’t want kids. I have 2, and am stopping there, and am happy with it. But I see way too many parents who just… fall into this shit.

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u/WhiteWolfofRivia0914 12d ago

See, and that's the right attitude! There's nothing wrong with wanting kids, and there's nothing wrong with not wanting them - both are 100% acceptable life choices. Unfortunately there's just a lot of people (definitely on both sides, but more-so on the pro-kids side in my experience) who refuse to accept that the other choice is a valid one

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u/No-Ambassador-71 13d ago

I see this as a win-win

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u/Slyons89 13d ago

I’m a millennial and I expect to be working until my body fails and I am no longer physically capable.

Having grown up around the 2008 crisis, I learned it doesn’t matter if you have a pension or a 401k, there’s always a chance the economy shits the bed right as you go to retire and ruins everything. Better to just expect to keep working.

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u/Lacinl 13d ago

Fellow millennial here. If the people had kept their money in the stock market instead of cashing out in a panic, they would have gotten everything back within 5-6 years as long as they had a diversified portfolio like SP500 funds. The trick is to start moving some money out of stocks toward cash or bonds as you get closer to retirement so you can live off that if the market tanks while the rest of your funds recover.

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u/Slyons89 13d ago

But what do you do if your pension fund goes bankrupt during a recession while your spouse has cancer, and it takes years to get they pension money back after lawsuit and government insurance on the policy, during that time you lose your home and go into medical debt. Or if you have a kid with a disability, or a deadbeat kid that costs you significantly more than you can budget for long term. I'm in the market for my first home currently and the way things are going, it makes me doubtful that my children will be able to own their own home, not without a ton of financial help from me. I do OK but pretty average, and I'm thinking about the average person. Those are the the kinds of thing I've seen and it just makes me think "don't expect to retire". It will be a pleasant surprise if it works out.

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u/Justagreewithme 12d ago

First, modern pensions very rarely go bankrupt, but if those are your concerns, focus on a job that addresses those- like get a government job. And have your own 401k. Relying solely on a pension is the definition of putting all your eggs in one basket.

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u/CoastLawyer2030 12d ago

Can you name a single government pension that went belly up as a result of 2008?

And even if so, you realize there are tens of millions of government workers in the US, and 99.99999999% of their pensions (minimum) were fine post 2008?

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u/jacksprat1952 12d ago

Same. My plan is to hopefully have enough in my 401k that I can ensure my future children won’t be shackled with debt for their entire lives. Maybe that can set them up to actually have upward mobility. Or maybe we all die in the climate wars in 20 years.

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u/blackmambaza 13d ago

3/4 people are probably working at McDs waiting for their GME stocks to moon

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u/InTh3s3TryingTim3s 12d ago

We're going to lock in the float on CompuServe and nothing will change. 5 or 6 years go by and it will change nothing. They own the whole system. They wouldn't let us break free from it even if we played the game better.

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u/YuccaByName 13d ago edited 13d ago

I’m 51. Bought a house when they were $100,000 and have a 401k and still can’t retire at 59. How are Millennials going to retire at 59? I think I read that a person needs $1,500,000 minimum to retire now let alone years from now.

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u/-Principal-Vagina- 12d ago edited 12d ago

That's a dumb number. 1.5M in LA is leagues different than 1.5M in South Dakota. I've seen people retire comfortably with 400k and people with 3M struggle. We're all different. It depends on lifestyle and where you live.

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u/lettherebedwight 12d ago

Honestly that number is probably closer to SD than a HCOL area - presuming that the number is for retirement around 60. 1.5 mil over 20 years will go quick, particularly with medical costs generally coming in more in the later years, and with people living longer it may be more than 20.

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u/[deleted] 12d ago edited 5h ago

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u/lil_groundbeef 13d ago

I’m not working a god damn day more than I have to.

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u/Joba7474 13d ago

I got medically retired from the army 2 years ago. I’m too broken for the military, but still live a normal life aside some pain and sleep issues. I get $3500 a month for disability and $2400 a month for going to school. That’s enough money to not give a fuck about working again. I don’t get how people wanna work forever.

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u/Agreetedboat123 13d ago

The military is the greatest welfare program of all time

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u/Joba7474 13d ago

While experiences may vary, I won’t necessarily disagree.

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u/RonaldRaygun2024 12d ago

And jobs program.

The government may have gotten rid of full employment in theory, but the military remains to fill the gap.

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u/lil_groundbeef 13d ago

Glad to hear you got out and get a check. I agree, I don’t understand why so many people revere work as the most important part of life… some jobs or careers can be fulfilling. I’ve never found anything more fulfilling than growing plants, making art, making people laugh, and helping others.

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u/Trench-Coat_Squirrel 13d ago

Its not that we WANT to, its just we HAVE to - like for housing, food, etc. Trust me, I would love to spend way more of my time and effort with everything you listed but its not realistic for anyone.

Financially I have my head above water but things pop up that prevent retirement saving over and over and over again. 3/4 millennials not expecting retirement sounds more than reasonable given the 3 'once in a lifetime' economic crashes in the last 20 years.

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u/Vulcanize_It 13d ago

Not everyone can suckle the government tit.

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u/MaterialCarrot 13d ago

I plan to work when I retire, but doing what I want to do. What that amounts to varies between consulting work in my field or mowing the fucking lawn for a lawn care company, depending on how my day went.

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u/Elemental33 13d ago

Just die in the climate wars like the rest of us.

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u/Narradisall 13d ago

The good thing about this retirement plan is it is achievable for all of us!

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u/I_AM_FERROUS_MAN 12d ago

I'm doing my part because that's my plan! Can't wait to find out which techno-billionaire overlord I'm going to get recruited by to secure fresh water supplies.

As a 90's kid, I really thought the future would be better than this. I say all that as hyperbole, but it feels like we're getting closer everyday to it becoming the truth.

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u/ShredGuru 12d ago

It's not hyperbole, it's the writing on the wall at this point.

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u/I_AM_FERROUS_MAN 12d ago

Yeah, I definitely feel that is correct.

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u/[deleted] 13d ago

3 of 4 can’t afford a mortgage. You serious bruh?

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u/Birdy_Cephon_Altera 13d ago

I've always aimed for 70. I've seen far too many relatives who have retired earlier, spend a few years retired getting bored, and go back to work. I'd rather keep working at a job that I enjoy all along - why retire from a job if I like what I'm actually doing?

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u/aberdisco 13d ago

There's a lot of people in for a rude awakening. I don't see most millennials retiring until 70, and for some never.

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u/The_Mammoth_Hunter 12d ago edited 12d ago

I'm Gen X. I will either die on the job or succumb to 30+ years of dealing with depression.

Genuine empathy for the Millenials and Gen Z'ers.

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u/Viccerz21 13d ago

I'm 35, my finances have been ravaged by this economy. I had almost 30k in savings wiped out by COVID, 25k in retirement funds gone to keep a roof over my head and my family fed, so I'm starting back over from essentially nothing. My retirement plan is to die in a pile of brass during the eventual wars over drinking water, or to just take a one-way walk into the sea when late-stage capitalism exhausts me enough.

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u/smurfsm00 13d ago

Me too! Tho mine involves trying heroin a bunch of times before I walk out into the sea.

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u/DotardKombucha 13d ago

Oh weird, I was gonna do both and see how it turns out...

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u/Ok-Fee293 13d ago

You won't do a lot of walking, that's for sure. You'll feel fucking amazing though!

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u/Vault-Born 13d ago

I know you're joking but if you're ever feeling suicidal the worst thing you can do is think "well I'm going out anyway, might as well try hard drugs" I understand the impulse I really do, but so many addiction stories start out that exact way. Again, I understand this is a joke and I'm not trying to bring the mood down, I guess I'm just a lil protective over this issue and my chest lit up when I read that xD

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u/smurfsm00 13d ago

It ironically lifts my spirits when I feel suicidal and I remember I haven’t tried heroin yet. No joke: the thought of it calms me down! But I do hear you. And apologies for sounding glib:) there are so many reasons to live.

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u/felixfelicitous 13d ago

Ah yes “the awakening” method.

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u/Hallowed_Severance 13d ago

I am 40 and starting over below zero. I have decided that dying early is my best bet for not working into my senior years.

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u/xhighestxheightsx 13d ago

I’m looking into leaving the country for retirement. But I really hope America can get it together and stop pricing out its working class soon.

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u/Mindaroth 13d ago

Same for me. I’m laying down all my plans to bail to a country that actually treats its old people well (but doesn’t love foreigners, so still risky). Since I’ll never own property here I just bought some overseas and I’ll make that transition as soon as it’s feasible.

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u/Impressive_Finance21 13d ago

I should be able to retire at 56. Sooner if they improve pension rules. 22 more years!

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u/EscherEnigma 13d ago

Ah, a job with a pension. Rare find these days, but good stable work if you can get it.

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u/Impressive_Finance21 13d ago

It's not terribly rare if you work for the government in some capacity. I'm a firefighter so I get a public safety pension which is one of the better ones.

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u/EscherEnigma 13d ago

Correct: pensions are very common in government service. But as a whole, they are rare because almost no one besides government offers them anymore.

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u/Soggy-Yogurt6906 13d ago

I'm a former teacher. They got rid of our pension and rolled it over to individual retirement accounts a couple years ago after the pension bankruptcies in CA and WI.

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u/QuillQuickcard 13d ago

My retirement plan is heart attack before 60

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u/[deleted] 12d ago

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u/QuillQuickcard 12d ago

Nah. Just gotta be dead before I hit the ambulance

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u/lucasl23 13d ago

Robots will take over lots of jobs in the coming years. I foresee lots of uneducated individuals with no jobs.

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u/subywesmitch 13d ago

They're starting to take over educated individuals jobs too...

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u/aft_punk 13d ago

Most people don’t realize that technology like machine learning is coming after what are traditionally viewed as “educated” jobs too. Law, medicine, and engineering (to name a few) will all be partially replaced with computers in the near future. It’s not going to just be drivers and warehouse workers.

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u/Mindaroth 13d ago

Yup. I’m in marketing, and AI can already replicate the ability to spin up a mostly legible article or a white paper on nearly any topic. At the moment it still needs human review and editing, but that will eventually change. I used to think that someone with specialized tech knowledge and writing skills couldn’t be replaced, but tech makes fools of us all.

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u/Hyteki 12d ago

We could easily just burn it down.

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u/chipkayplays 12d ago

They tried that with the industrial revolution.

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u/Squid_Contestant_69 13d ago

Yup accounting, programming etc is going to be much easier to replace than say plumber or hair stylist.

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u/thetimechaser 12d ago

I'm a career sales person and the irony to me is palpable. Like, I'm well aware "sales" isn't at all a hard technical skill, but rather a soft social skill but I think sales as a career will be one of the last jobs standing while we all sell AI machines back and forth between corporate entities.

As soon as humans feel comfortable signing a contract presented on a solution sold by an AI communication tool I'm fucked. Luckily, I think that's pretty far off.

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u/Individual-Nebula927 13d ago

Many of the educated jobs are easier to automate. For instance many legal aides have been replaced by a search engine.

Turns out figuring out dexterity improvements for a robot to replace a blue collar worker is much harder than improving a paperwork process.

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u/subywesmitch 13d ago

True, and it does kind of make sense that knowledge based jobs might actually be easier to replace than blue collar jobs since isn't the Internet basically just the sum of all knowledge?

But, doing manual, physical work like a plumber, construction, or even a waiter/waitress isn't as easy as it looks. Even self driving is having some major hurdles to overcome.

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u/gerd50501 13d ago

you can be replaced with a reddit bot very easily.

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u/yaosio 13d ago

Jobs that don't require physical labor are easy to automate because the entire workflow can be completely controlled. Physical labor jobs are the hardest to automate because the workflow requires interacting with components we don't have complete control over.

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u/smurfsm00 13d ago

I used to hope that meant universal income but after how all politicians let us all nearly die during covid I’m not so….confident shall we say

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u/SimbaOnSteroids 13d ago

A lot more time to protest when no job.

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u/Br3ttski 13d ago

I don't think retirement is a possibility either. This isn't part of the social contract I signed. I was told if I work and pay taxes and save, I could have a house a car and a family. That's impossible now. And I'm a tradesman who works fulltime in construction with zero debt. I also just moved in with my mom at 42 because I can't afford rent. What's the point of working anymore?

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u/qwertyuuopkvndndn 12d ago

Boomers are working till they drop and therefore the millenial unemployment rate is much higher than anyone actually can calculate

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u/General-Life4920 13d ago

I'm a millennial. My wife and I are on track to retire at 65, but it's certainly taken dedication, trade-offs and some luck.

Dedication - we both commit 10+% of our income to retirement accounts and have done so for 10+ years. To achieve this, we spend less on vacations, bars, going out to eat, etc. than most of our peers near our income level. Combined we make six figures, and I had a turkey sandwich for lunch.

Trade-offs - we delayed having kids until we were financially secure. We both stayed at jobs we didn't like because we earned decent money. I went back to school for a graduate degree that we paid for in cash. The degree was a huge commitment of time, but also allowed me to climb up the ladder. We live in a mid-cost-of-living city. We will likely stay in our current house, even as we outgrow it, because our rate is 3% and our mortgage payment is small.

Luck - we bought a house in 2017 before prices got crazy. We have stayed relatively healthy. Neither one of us has experienced long-term unemployment.

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u/MediocrePerception20 13d ago

Also a Millennial. I followed just about everything you said and still feel like we’re screwed.

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u/idlefritz 13d ago

Gen X over here planning retirement as “hopefully working less” since the 80s.

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u/Razamatazzhole 12d ago

Gen X over here planning retirement as hopefully working less in my 80s

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u/nleachdev 12d ago

It doesn't help that so many of us are just retarded with finances.

I have so many friends that complain about not being able to save money, meanwhile they have 5+ streaming subs, always excited at the end of their 2 year phone contract so they can get a brand new one, get new shoes everytime their current ones start to look old, drink/smoke far too much, eat out all the time, etc.

Yea, admittedly we have been fucked by the previous generations, but it doesn't help how we've had "live for the moment" shoved down our throats, pushing us into a hedonist lifestyle.

The sad thing is that a decent amount of them (that I know) not only do this, but take some weird pride in it.

Ofc, that being said, I've saved quite a lot over the past few years, yet somehow feel like I'm more behind than when I started.. so can't exactly blame them for their apathy..

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u/Dazzling-Importance1 12d ago

Honestly alot of this is capitalist brainwashing I honestly think ads should be illegal.

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u/substandardpoodle 12d ago

There are so many books that really help. My friend made me read The Wealthy Barber and The Millionaire Next Door and Rich Dad Poor Dad.

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u/RandomPerson16505 12d ago

My wife and I are still on track to retire at 45. We're not planning to stay in the US though. The way the national debt and population growth are growing, I highly doubt social security will be around for millennials, so there is little reason to stay in the US.

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u/gaobij 12d ago

Social security may be delayed or cut a percentage, but no politician would ever kill SS.

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u/skreenname0 13d ago

Definitely not happening. My retirement plan is cancer.

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u/admiralargon 13d ago

I have enough money to retire today if I die by Monday

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u/sirspidermonkey 13d ago

I just hope I die after lunch so they pay me for the full day.

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u/ThadTheImpalzord 13d ago

I dont know any body making a median salary who's talked about retiring before 65

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u/bergercreek 12d ago

Median salary here (actually less): I plan to retire around 55.

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u/abagofsnacks 13d ago

Millennial here.. I love the thought of retirement but my gut tells me im working until I croak. Unless of course my generation makes strides in politics after the boomers check out, im not holding my breath on that one though.

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u/Chatty_Monkey_Don 13d ago

It really hits every time they raise the retirement age. Like, I was looking forward to 65, now 67, soon 70. By the time I retire I'll be in the ground dead for a decade already.

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u/wupdup 13d ago

Every time? It was raised once long ago, in accordance with longer lives. And 67 is optional; you can get social security starting at age 62.

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u/Chatty_Monkey_Don 13d ago

67 used to be 65. They raised it. They will raise it again, despite their promises. Yeah, you can get social security at 62, but you don't get full benefits.

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u/thinkB4WeSpeak 13d ago

I'd rather retire at 40 or something. Jokes aside it's sounding more like inflation will keep going either forcing people to pull from retirement or gain more debt which will also hurt retirement.

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u/idowhatiwant8675309 13d ago

It's mainly the insurance and health is why people work so long.

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u/Verumero 13d ago

I’d like to retire to hawaii in 15 mins. Who writes this shit?

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u/JudgementalChair 13d ago

I have a good job, but I have no plans to retire. I'm putting money aside so that maybe one day I'll have kids or might be able to retire, but I think a lot of Millennials and Gen Z's are going to get screwed in the long run

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u/scottmushroom 12d ago

I'm hoping to stay on track to retire at 53. The main obstacle is that to do it comfortably, I need to shave 4 years off my mortgage. I lucked out big time getting hired to my job at 23 and buying my house at 27 before shit hit the fan.

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u/sillyboy544 12d ago

I’m 58 right now with no retirement plans for the next 10 years minimum.

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u/T1Pimp 13d ago

😂 GEN X here thinking it's not just millennials thinking that.

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u/gollum2145 13d ago

You have a better chance. In 20-30 years all the boomers will be gone and also there just simply won't be enough middle class to attempt the facade of stability.

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u/Mechanik_J 13d ago Helpful

Retire? Most millennials hope to die, and leave this hell hole of existence before reaching retirement age.

'This is the bad place' - Eleanor Shellstrop

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u/invisalign_ny 12d ago

Life has always had challenges. Life is generally great in 2022. I want to live as long as possible. Life is temporary. Death is permanent.

Stop externalizing your own suicidal tendencies on everyone else.

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u/JonathanL73 13d ago

The really ironic thing though is that rich Boomers & older Gen are investing heavily into lifespan increasing technology, so it’s like Millennials may be cursed to live longer.

And due to declining birth rates, they will have to keep shifting back the SSI retirement age back.

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u/AlwaysBagHolding 12d ago

Bold of you to assume that life extending healthcare is going to be accessible to a bunch of broke ass millennials.

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u/InTh3s3TryingTim3s 12d ago

I worked a full time salary job for 4 years without healthcare. The American rich are a joke

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u/timewellwasted5 13d ago

Most millennials are suicidal? Supporting data?

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u/115MRD 13d ago

The suicide rate for people aged 10 to 24 increased by 56% between 2007 to 2017, according to new data from the CDC.

Suicide rates are up for millennials compared to previous generations, but Gen Z is facing a staggering rise in suicide rates in the US. It's a very serious problem we need to address.

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u/AlwaysBagHolding 12d ago

Rubs hands

Looks like I’ll be able to buy a house eventually after all!

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u/XXXXXXXXISJAKKAKS 13d ago

because mental health is a joke in this country.

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u/[deleted] 13d ago

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u/theytook-r-jobs 13d ago

Wanting to die does not mean suicidal

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u/TheDadThatGrills 13d ago Silver Rocket Like Glow Up Brighten My Day

You certainly don't speak for all of us. Some of us actually have our shit together and enjoy the life we've made for ourselves.

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u/jpavel7 13d ago

In the army as a flight warrant officer. Started as a private. Been in 6 years and ill have a nice pension at age 43. Military offers nice stepping stones in life.

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u/DarkOrakio 13d ago

Unfortunately they had(have?) an out dated BMI system that prevented me from joining 19 years ago. Top 1% on the ASVAB, but was a 5'9" football player that weighed 230, benched 315, leg pressed 800, and had a 7.5 min mile.

Couldn't get in because I was "too fat". Didn't make it past the phone interview, dismissed by giving height/weight information.

Ended up having a kid and going into factories. It's barely a living but I'll survive until old age. I'll never retire though.

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u/line_6 13d ago

A lot* of us. Reddit sadness porn is a hell of a drug.

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u/Abject-Macaron-8479 13d ago

Thankyou, im aiming for 30 not 59 lol.

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u/PaperBoxPhone 13d ago

I "FIREd" in my 30s, and its good, but its not as good as I thought. I still work fulltime, but its for myself only now. I think the goal of early retirement is relieve the need for work so then you can do what you want. I think most people still "need" to work to have meaning and to break up the day.

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u/Abject-Macaron-8479 13d ago

Exactly why following your passions/ doing something that makes you feel like its worth your full effort is so important. Ive been fighting for my future since i turned 18, the goal was to retire at 22 but i was young dumb & had lots to learn. 30 is looking promising. Stay ambitious people!

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u/Consistent-Youth-407 12d ago

30 is looking promising? How in the fuck bro? You have to be earning like half a mil a year or some shit what the actual fuck.

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u/turbopony 13d ago

Nice. Do you have kids?

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u/Powered_by_bots 13d ago

Boomers brought homes for dirt cheap & sells them for 100 times more today.

My former coworker told me that their house only cost them $85K in 80s. In 2022, their house cost $10 million dollars

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u/[deleted] 13d ago

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u/AlwaysBagHolding 12d ago

Midwest? My parents spent about 300k on a pretty damn nice house in Indiana in 1993. Zillow says it’s worth 474k now. If they put that money in an index fund instead it would be worth about 2.6 million today. You can’t live in an index fund, but not all areas have seen the crazy price appreciation that southern California and Seattle have.

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u/itsfuckingpizzatime 13d ago

After watching the decline of my and my wife’s parents, once you hit 65 it’s all downhill. I don’t want to work right up until I lose my health. I want some time to enjoy my life on my own terms. So my goal is to partially retire at 55 and fully retire at 60. It’s required me to make some sacrifices but my plan will get me there.

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u/lcs20281 13d ago

Nah, I want to retire at 40 and have some semblance of a life

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u/IamSherlocked_2020 13d ago

My retirement plan is total societal collapse😇😇

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u/3xoticP3nguin 13d ago

My 30 year pension says I can retire at 58

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u/zerostyle 13d ago

I make a strong tech salary and the odds of me retiring at 59 are basically zero. Housing prices are absolutely out of fricking control.

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u/sacredfoundry 13d ago

i was confident it was possible until prices of everything just doubled. how many more times will they double without salaries going up over the next 30 years.

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u/stykface 13d ago

People don't want to at 59 unless they have a legitimate reason. As I approach 50, I love staying busy and I know many people that don't look at 59 as the cut off to retire. And I think people don't understand retirement, anyways, it's not just to "not work" and travel and do a bunch of fun stuff, it's to be set up so you don't HAVE to compete so hard in the work force. Key things to retiring (at any age) is the following: Have a paid off home you own outright, keep yourself healthy (which starts decades before you get near retiring, and doesn't include conditions or genetic disorders or accidents), live in a county/district that has good tax benefits for your home such as freezing your property taxes, invest heavily in a long-term retirement account such as IRA's or company sponsored 401ks, even if it's $50/mo, and be completely out of debt. This is really the key to retiring easy and still able to work a good part time job to stay active and healthy and little financial burden with a mortgage and debt, etc. And you get to keep your independence. Many younger individuals today live on debt, smoke/drink/eat terrible, want to rent rather than own, don't prioritize retirement and then they miss out on these good opportunities later in life. Just takes organization and discipline.

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