Will Retirement Even Exist For Millennials? | Asked & Answered
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This is the fourth episode of our 6-part capsule series, Asked & Answered. Co-hosted by TFD founder Chelsea Fagan & Erin Lowry of Broke Millennial, this series is dedicated to answering your personal money questions, from budgeting and investing basics, to navigating the financial headlines of our current political climate.
Thanks to Erin for her expertise!
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Feeling increasingly lovingly threatened with each intro
Hahhaha
Being real, the 1950s-2000s was a time of unprecedented growth, which we will probably never see again in our lifetimes. Social security and investments during that time were just more profitable.
You should prepare your finances as much as you can. Things look rough for the 21st century.
“Will retirement even exist for millennials” thankful you guys are old enough for this question to be taken seriously. As an older Gen Z (1998), the older folks just think we’re stupid when we question if it will. If it exists for y’all, we’ll be taking care of you, I guess.
I agree with the older folks. It is stupid to question if retirement will exist in 20 years. Nobody controls our ability to retire but us. You can question whether or not we’ll get a “fair” share of social security or something along those lines, but do not feed into the fear
my retirement plan is to walk into the ocean in winter
oof! i financial dieted too hard today and found hank green. thanks for the new post pushing me to the present-
My old boss and I once chatted about retirement. She came from wealth and was working as a kind of extra security, and to have something to do since she had no kids or dependent family. She was sharing her plans for travel and stuff and I was nodding along.
She asked me mine and I said “Well I contribute to the plan here, and I save what I can otherwise, and after the boys are grown I hope to not have to rely on them, because the way things are going Social Security will be a long-ago-plundered thing of the past when I’m old, and if I end up with nothing or an expensive health problem or both by the time I’m of retirement age, my plan will just have to be dying on the front lines of the inevitable class war and socialist revolution.”
Never seen anyone’s eyes widen as much as hers did.
Great video btw, as always. Useful to think about regarding family needs. On the future: high hopes, low expectations. Work for better, prepare for worse.
You guys are really on a roll! All this was relevant and helpful to me, especially the existential crisis with boomer parents and marshaling their grandkids against them discussion.
I’m not so attached to staying in America in old age. I gotta stop sleeping on my Duolingo. I might spend long terms away
I expect foreign countries will be just as welcoming of Americans as America has been welcoming of people from foreign countries, now that Trump has alienated all of America’s long term allies (I hear new ally Russia, is always looking for new people; lots of jobs in the military and won’t need to worry about retirement 😋)
Sorry, need gallows humour to cope
@@Boghopper9999 we’ll see. I’m not leaving this term. Am I even American like that? Because already the way that I fantasize about high speed rail other places might be more compatible. My ideal lifestyle seems to be a little bit French. I’d be almost dead if the US got together and started building rail today (not nearly happening) whereas developed countries already look quite futuristic. They not about to worry me to death about retirement when I (hopefully) could go to Mexico where $1M means something
@@Maverickgouda TGV in France is awesome (when the Russian’s aren’t sabotaging it, like they did during the 2024 Olympics). For futuristic, better off going to Japan; my friends wife is from there and she considers every other modern country to be 2nd World Countries compared to Japan
@@Boghopper9999 Japan is on my list as well
If an apocalyptic-type of situation was to befall us in my lifetime, I too would be one of the first out. Peace! I ain’t fighting no zombies or scavenging for leftovers, no ma’am. I always get weird looks when I express these thoughts to others though 😅
I’ve been bored of zombies since 2010, if we get zombies I’m OUT
Boomer parents are ….
After stressing myself out, I’ve now left them to it.
They were asking for a large chunk of my salary, but refusing to have discussions about money management, saying it’s not my place.
For all you know they could be blowing it on drugs! (Mostly joking)
Hopefully you’re not giving them any of your money.
I hear you. My Dad is almost 70 and still has to work his often labor intensive job of moving (furniture, offices, etc). He has some savings but not much. H
Zero retirement. At least a couple years behind on retirement. Unlike your parents though, he rejects that he’ll ever have to rely on me. I set him up an appt with a local free financial service to get working on his tax stuff, because if he’s not paying taxes he won’t get the SS he is going to desperately need some day soon. He canceled it because he was stressed and then he yelled (he has major ADHD and emotional dysregulation issues), and we got in a big fight.
That’s when I decided I’m not involving myself anymore in his finances. And I can’t afford to help him anyway, so some day may he’ll have to beg one of his siblings for help.
It sucks. I’ve tried for years but can’t anymore.
Hopefully you stopped giving them money. Boundaries are hard but you have to protect yourself ❤
@sierrabird3817 there’s a fairly large youtuber that clearly had exactly that situation happening. Life is brutal without generational wealth. You’re just being ground into nothing.
Looool I’m loving how spicy Chelsea is this episode
Chelsea’s level of anger on the second question is making me feel seen lol
My retirement plan is fighting in the inevitable Water Wars
CHELSEA, that skirt/boot combo is 🔥
PS This conversation about caretaking for parents who did poor financial planning is making me kind of happy neither I nor my spouse really has a relationship with our parents… we won’t feel obligated in any way, shape, or form to care for them if they haven’t cared for themselves
As a GenXer who worked for Texas 13 years, I say you should definitely work until you qualify for the pension. Even if you only work those 10 years, at the rule of 80, or age 60 (whichever comes first), you will get state health care for free, in addition to your pension. When you hit 65yo, the state health care will be your secondary to Medicare. If you are on ERS (I don’t know about TRS), you can also contribute to BOTH a 457 and a 401K, if you are able to tighten your belt enough to do that. No match, unfortunately, but still great. My last few years at the state were not good, but I’m glad I stuck it out.
I agree with you. I love the stability and benefits of working for the state (in addition to the fact that I really do enjoy my job).
As a millennial, i feel like i’ve accepted i probably won’t be able to retire, and i will be working in some capacity until my body gives out.
I’m soooo glad you brought up Vanguard’s UX…I thought it was just me!! Alllll of that money and such a non intuitive user interface!!
Loving this podcast SO MUCH. Erin is also a joy, really happy with yalls advice too. Thank you!
As an economist I sometimes get asked by friends and family about personal finance strategy and one of the hardest conversations to have with someone is explaining that if your current financial status is just being able to pay your bills and take a vacation each year then you’re not doing okay. You’re actually frighteningly behind. It really sucks.
Chelsea is my spirit animal in this episode.
@13:30 – something I’ve been hearing a lot more lately is “have the day you voted for” which…yeah, I feel that.