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Glad I'm not a millennial
Old 03-17-2016, 05:26 PM   #1
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Glad I'm not a millennial

https://www.nerdwallet.com/blog/inve...ent-age-is-75/

"NerdWallet’s analysis finds the Class of 2015 faces a retirement age pushed back to 75 — two years later than what the Class of 2013 could expect — because of increasing student loan debt, rising rents and millennials’ approach to money management"

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Old 03-17-2016, 05:29 PM   #2
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Ouch.
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Old 03-17-2016, 05:32 PM   #3
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Maybe you could get'em to give up those $650 smartphones with the $150 monthly bills.

It might allow them to retire a couple of years earlier.

Went to a large birthday party the other week with about 25 adults. I turned around and every one of them was engrossed in their smartphones--ignoring everything that was going on. Their manners are awful, and I call'em the One Armed Generation. It's hard to get any work out them on a job too because of those damned phones.
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Old 03-17-2016, 05:52 PM   #4
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I call them the mopheads, because all you ever see are the tops of their heads..however, it would be nice to see their eyes when they are driving a car.
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Old 03-17-2016, 06:01 PM   #5
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I work with very smart young folks, who seem to be frugal too. They should not have too much trouble retiring, assuming the whole world doesn't implode between now and then.

And I wish I could be them. I'd like to see what's going to happen and be young enough to appreciate it.
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Old 03-17-2016, 06:03 PM   #6
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mehh; like "Boomers will starve if they try to retire," this paints with not merely a broad brush, but with a mop.

Anecdotal, but we have three millennials. One had positive net worth when he started to work (Roths from summer jobs) and easily got that benchmark higher than his engineer salary in his 20s (don't need a car or new clothes in san fran). The other two did grad school, but also are likely to be better off than we are when they hit their fifties. (Helps that they each managed to find S.O.s who have a similar approach.)

Granted, we prevented them from being total digital natives like those referred to by Bamaman and ivinsfan, but we've gotten to know a few of their college and grad school friends and ours aren't unique. On the "mopheads" and the "One Armed Generation," we too just shake our heads at times--but although very visible, they aren't all of their generation.
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Old 03-17-2016, 06:06 PM   #7
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It doesn't have to be this way, You just have to work harder and smarter then your peers and spend less than you make. No magic formula needed, there is still opportunity out there but you have to go out and take it. You cant expect a pension or job security, but those who really want to succeed will be fine.
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Old 03-17-2016, 06:08 PM   #8
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I work with very smart young folks, who seem to be frugal too. They should not have too much trouble retiring, assuming the whole world doesn't implode between now and then.
People are people, there probably won't be substantial differences between the millennial's and boomer's retirement successes or failures. Some people can handle money, some can't.
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Old 03-17-2016, 06:39 PM   #9
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I agree it's another broad brush generalization article. Just like the articles that try to say that no one can ever afford to retire in their 60's today... this one is full of suppositions.

Rents are higher... get a roommate or 10.
Student debt... consider getting a 2nd job to pay it down.
...

There will be some millenials that live within their means or even below their means... save... and retire well before 75. Just like there are some boomers who woke up at age 65 and realized they couldn't afford to stop working... so they keep going.
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Old 03-17-2016, 08:05 PM   #10
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So there are successful cases and there are screw ups in this generation as well as any other generation, what's new? Oh wait, now we have sensational news so people can more easily judge the most extreme cases nowadays...
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Old 03-17-2016, 09:59 PM   #11
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I think some millennials will end up inherit a lot of money. I wouldn't feel sorry for them.


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Old 03-17-2016, 11:00 PM   #12
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Yes, but they will live to be 100, and 80 will be the new 50. Right?
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Old 03-17-2016, 11:13 PM   #13
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Because the Baby Boomer Generation was born with low-consumption values, stayed committed to their marriages, handled credit so well and their Greatest Generation parents were thrilled with the Boomers' strong savings and investing habits and resulting low-reliance on Social Security in their retirement years. Whew, I'm sorry to be Gen X and to have missed that time of profoundly-good money management! :-)
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Old 03-18-2016, 01:31 AM   #14
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Old people tend to think the world is going to hell in a hand-basket, and young people tend to think they have it worse than any young people ever. That's the perspective of an older person who was raised by older people (my parents had me very late, after two kids they had at more "normal" ages for parenting).

In my opinion, the whole generational-conflict thing became a "thing" in the 1960's due to the Vietnam war, civil rights struggles, and the excitement and drama those generated. After that, generational-conflict as a "thing" could have died a natural death, but people were having too much fun with it. Indeed, it has been seized upon - and inflated to massive pseudo-significance - by media outlets who need customers, and consultants who make big bucks convincing companies and Government agencies that they need costly "intergenerational conflict management strategies."

Look at the silly labels: "Greatest generation" "Silents" "X" "millennials." Younger people wear them like badges today! I can distinctly remember zero people of my age referring to themselves as baby boomers...or anything, really, except maybe "teenagers."

My parents died before the term "greatest generation" came into common parlance, but they would have died laughing at the notion that there was something especially "great" about their age-mates.

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Old 03-18-2016, 04:38 AM   #15
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Quote:
Originally Posted by Big_Hitter View Post
"NerdWallet’s analysis finds the Class of 2015 faces a retirement age pushed back to 75 — two years later than what the Class of 2013 could expect — because of increasing student loan debt, rising rents and millennials’ approach to money management"
They are assuming 6% returns per year. So two years extra is 12%.

Basically caused by a few 1000 dollars (and interest) extra in student loans which then don't compound for 50+ years.

So while mathematically true, not that big a deal. If anything it shows again the magical miracle of compounding and time.

Much bigger things will determine what will happen to our 2015 Class in 2065 (or so). Economic growth and technology progress specifically.

Imagine the situation of the 1965 class. In Africa. And then in Singapore. Vastly different outcomes.
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Old 03-18-2016, 05:30 AM   #16
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Just my observations:
Niece/nephew set #1: Three in their mid-20's. All got high paying jobs ($120K+) right out of school; seem to manage their money well, one just bought a $500K house with $200K down.

Niece/nephew set #2: (same age, other side of the family) No real jobs, no plans for jobs, very happy making minimum wage, life is good as long as they get cell reception; would rather work part time and have more time at the beach.

Maybe set #2 has already reached RE without the FI. ?
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Old 03-18-2016, 06:27 AM   #17
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Just my observations:
Niece/nephew set #1: Three in their mid-20's. All got high paying jobs ($120K+) right out of school; seem to manage their money well, one just bought a $500K house with $200K down.

Niece/nephew set #2: (same age, other side of the family) No real jobs, no plans for jobs, very happy making minimum wage, life is good as long as they get cell reception; would rather work part time and have more time at the beach.

Maybe set #2 has already reached RE without the FI. ?
exactly what I was thinking.
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Old 03-18-2016, 07:13 AM   #18
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My last semester of college in 1972, my tuition was $192.50 at a large state university. This generation's facing $20K minimum student loans, and those going to private universities can easily push $100k. I knew a physician who got his loans paid at 50 years old.

That one thing can cost them years and years from being able to ER.

And the comment about people being engrossed in their cellphones is worldwide. Norway will be shortly going to a cashless society. I noticed every young person there sits down in a restaurant with their friends, orders their food, pulls out their smartphones and peck away until their food comes not verbally communicating. It's a worldwide phenomena.
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Old 03-18-2016, 07:51 AM   #19
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Because the Baby Boomer Generation was born with low-consumption values, stayed committed to their marriages, handled credit so well and their Greatest Generation parents were thrilled with the Boomers' strong savings and investing habits and resulting low-reliance on Social Security in their retirement years. Whew, I'm sorry to be Gen X and to have missed that time of profoundly-good money management! :-)

+1.

Let the cross generational warfare begin.
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Old 03-18-2016, 08:39 AM   #20
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Let the cross generational warfare begin.
Even better, let's not and keep it both friendly and potentially useful.
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