The National Institute on Retirement Security, says that millennials aren't saving enough money. Gee, you think? In fact, 66 percent have nothing saved at all. Big shocker considering they entered an era riddled with huge housing costs, mixed with low wages and enormous student debt.
A Financial Times report stated that 33% of millennials will most likely rent until retirement, never owning their own home. Of course there are always experts out there to tell us how we are doing it all wrong. One such group, Transamerica Center for Retirement Studies, went so far as to say:
By 35, you should have twice your salary saved.
In other words if you are scrapping by paycheck to paycheck on a measly $24,000 a year, somehow you should be able to bank $48,000.
Of course people had some feels over this.
First they responded with humor.
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA https://t.co/WxAvu5Ujfo— Roisin O'Connor (@Roisin_OConnor) May 15, 2018
If every family member died suddenly and all their money went to me, I’d still be waaaaay off.— Joe Parry (@joeparry) May 15, 2018
I've done the math, and I can retire about 10 years after I die, if nothing else happens.— Joan reads, which is more than Trump does (@cosmyra64) May 14, 2018
'Saved' as debt on my credit card statement, is the same thing, right?— Matt Lawrence 📣 (@mattjlawrence) May 15, 2018
It was all fun and games until people realized nothing about poverty is funny.
Aw man too bad I was on track for this and then emergency dental work took out more than half of my savings. And that was WITH insurance. One simple health event destroyed my life plan. Awesome society we got going here.— keevaveek (@keevaveek) May 14, 2018
Well, health insurance is almost a quarter of my income, my mortgage, over a quarter, my peripheral medical expenses eat a big chunk of the rest. Then I’m taxed to the gills - which maybe I wouldn’t be so bitter about if it weren’t funding corporate welfare & imperial military.— Miri C Golden (@MaryCWallis) May 15, 2018
This is such an irresponsible sentiment that entirely decontextualizes the sociopolitical forces that make this impossible for *most* people and instead makes them internalize the myth that somehow they’re not working hard enough— Lareesa (@blackflaghag) May 15, 2018
When I was 35 I had been working slightly over minimum wage for half my life and paid rent and stuff. How do you save anything when you make under $10 an hour? Even in the 80s. Is that like saving for rent by not having a phone?— Jo Qatana 🐽 (@joqatana) May 14, 2018
By the time I was 30 I had almost equal to my salary saved up. And I was *very* lucky to be able to do that.— Fen (@Fen_Ra) May 15, 2018
These “experts” appear to be shockingly out of touch with the reality of being a young adult in today’s world.
The reality started sinking in.
Must be nice to lead such a charmed life. I'm in my 40s and currently my retirement plan is death. Medical bills and life make sure I've never had any savings build up.— Ulgaa (@Tlincali) May 15, 2018
Seriously, what's the "retirement" thing people are always talking about.— kas (@kasafc) May 15, 2018
And then this conversation happened around alternative retirement plans and things got very dark very fast.
"By 35 you should have bought at least two shotgun shells."— 1% Prolepsis 👁 (@bilongma) May 14, 2018
2 shotgun shells? I don't have the type of money. Come now— Justavictim1182 (@justavictim1182) May 15, 2018
If you buy the shotgun shells, can you just throw them at yourself, bc the gun will take a lot more savings.— Michka (@missmichkah) May 15, 2018
Guys. I hate seeing such negativity. Maybe try being proactive? go back to school? You're bound to find somebody to shoot you for free there.— matt (@mattprobably) May 15, 2018
These ladies tried to flip it to a positive... kind of.
I think you meant to say,— From Russia with Love (@emanzi) May 14, 2018
By 35 you should have debt twice your salary.
And then a hard crash back to reality.
Of course all this begs the question—
H/T: Indy 100