- cross-posted to:
- economics@lemmy.world
- cross-posted to:
- economics@lemmy.world
Claire*, 42, was always told: “Follow your dreams and the money will follow.” So that’s what she did. At 24, she opened a retail store with a friend in downtown Ottawa, Canada. She’d managed to save enough from a part-time government job during university to start the business without taking out a loan.
For many years, the store did well – they even opened a second location. Claire started to feel financially secure. “A few years ago I was like, wow, I actually might be able to do this until I retire,” she told me. “I’ll never be rich, but I have a really wonderful work-life balance and I’ll have enough.”
But in midlife, she can’t afford to buy a house, and she’s increasingly worried about what retirement would look like, or if it would even be possible. “Was I foolish to think this could work?” she now wonders.
She’s one of many millennials who, in their 40s, are panicking about the realities of midlife: financial precarity, housing insecurity, job instability and difficulty saving for the future. It’s a different kind of midlife crisis – less impulsive sports car purchase and more “will I ever retire?” In fact, a new survey of 1,000 millennials showed that 81% feel they can’t afford to have a midlife crisis. Our generation is the first to be downwardly mobile, at least in the US, and do less well than our parents financially. What will the next 40 years will look like?
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The next forty years will look like absolute hell and the lack of proper services for the explosive number of diseases in the millennial cohort will directly contribute.
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Milliennials by and large don’t have enough money to retire, and they are experiencing in striking numbers high rates of immunodeficiency and cancers. (I was personally diagnosed with cancer at 42. You know, the ultimate answer to life the universe and everything…) This will mean they will need more elder care and sooner… and they won’t really be able to afford it.
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No Child Left Behind has properly fucked US education for the foreseeable future, and US education was abysmal before that already. The elderly are going to be being taken care of by adults who may be functionally illiterate and when you’re functionally illiterate, you can become anti-vax even if you got hired as caretaker for the elderly. (Not all will grow up to be functionally illiterate, but if we’re to take teachers at their word, the gap between the struggling kids and the smart kids is wider than ever. As in C students functionally don’t exist, only A students and F students, and the F students are the larger group who are being passed on to higher grades just to hit numbers.)
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On top of education being gutted and there being a dangerous future of incapable people being put in these jobs because there’s no one else to do them: The collapse in birth rate because nobody can afford to have fucking kids will also make this problem worse as fewer and fewer workers will be available to take care of more and more elderly and infirm people.
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Most of the places that take care of the elderly are being bought up at rapid pace by investment groups, private equity, hedge funds, and the like, and all they do is cut services, make things worse, and cause more suffering and death so they can wring more money out of people suffering at the end of their lives. How many of these businesses will even still exist in 20 years? Many of them are shutting down constantly because the numbers just don’t add up, or because the private equity group that bought it has finished hollowing it out and there’s simply no money left.
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Because of all of this, we will see an absolute explosion of homelessness in the elderly.
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You can bet your ass fuck-nothing will be done to prevent any of this. Especially if Trump wins in November, then we’re dealing with this process outright accelerating at a breakneck pace.
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Oh and just for “fun” we can expect to see a lot more police violence against poverty-striken old people. “STOP RESISTING OLD MAN!”
EDIT: Oh yeah, and that’s not even counting climate change, finite amounts of topsoil left, potential pandemics, and the fact that most of the world doesn’t even have access to clean water. I try to keep an eye on neat, simple engineering projects from poor countries because we may need to rely on similar options soon enough ourselves.
EDIT II: Get involved in Mutual Aid Groups. We all have skills. No one is coming to save us. No government or political party or corporation. We have to save each other, and that will be very difficult to achieve. I forget the writer, but she said something like “No dictator is ever going to bring about the revolution. It will always have to come from the bottom organizing together.” The only thing we can do is help one another. It will not be easy or fair or entirely successful.
US education was abysmal before that already
Solid points all around, but I wanted to add one historical tidbit: at one point the USA had literally the best edumacashiun in the world. After WWII, the other nations (like the UK + those in the EU) were bombed all to hell & back whereas the USA was relatively fine. People like Bill Gates advocated strongly for US education funding, b/c it helped feed that behemoth giant of a corporation to have an already-educated workforce, funded by US tax dollars, that they could take advantage of.
We have fallen FAR down the world rankings since then. Tbf, some of that may reflect changes in measurements e.g. does “every” kid need one, or can some be excused to go be a farmhand without needing to finish? (this affects averaged measurements, but not peak ones, or the previously thus-filtered ones)
After WWII, the other nations (like the UK + those in the EU) were bombed all to hell & back whereas the USA was relatively fine.
There was certain union in Europe(not European Union) that was bombed 9% by area and 55% by population.
does “every” kid need one, or can some be excused to go be a farmhand without needing to finish?
Translation: To have more you should produce more, to produce more you should know more.
Farmers need education too.
EDIT: lemmy broke my comment with link to image
If the orange man wins, America is over and none of your concerns will matter as we slip into a fascist dystopia. That is an existential threat we have to deal with right now, and it can actually be prevented.
Republicans moving to install a fascist government? Sounds serious!
So when will democrats drop gun control considering this imminent threat?
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Retire? Nah when I’m done with life I’m just going to blow my brains out all over a politician or millionaire hedge fund manager.
They want to fuck over my future, I’ll take their sanity and gift wrap enough PTSD that every sleep is a nightmare.
I like your idea
Optimism is thinking they’d even get PTSD. Nah, they’ll just be like “stupid millennials have crossed a line”
Thus millennial thinks we will all die in 10 years or so from climate related disasters and none of us will live to retirement age as things currently stand.
Thus millennial
thinkshopes we will all die in 10 years or so from climate related disastersand none of us will live to retirement age as things currently standso they don’t have to worry about retirement.Ftfy. The entire “collapse” thing is a coping mechanism.
We can have different opinions. Imo climate change denialism is a cope. I also hedge my bets by also planning for retirement. But as it stands, we’re all on hospice.
Imo climate change denialism is a cope.
I agree. And I think both doomerism and denialism are encouraged by the fossil fuel industry, because they both lead to inaction.
The reality is:
- the climate is getting worse because of fossil fuels
- through action, we can make it less worse
- this action will be difficult
- this action will cause a lot of very rich people and companies to lose money
Maybe, but we’re getting into a classic discussion about nihilism here when it comes to doomerism - if nothing matters, how should I feel? Depressed, or finally free to do whatever since it doesn’t matter anyway?
The reality is:
- As it currently stands, with current technology and current input/output, we are facing literally 6 of 9 separate world ending catastrophes which are feeding into each other. https://yaleclimateconnections.org/2022/07/recklessness-defined-breaking-6-of-9-planetary-boundaries-of-safety/
As of 2021, according to SRI, we had already gone beyond the safe limit for five of these planetary boundaries: • climate change; • biogeochemical flows (i.e., excessive phosphorus and nitrogen pollution from fertilizer use); • biosphere integrity (e.g., extinction rate and loss of insect pollination); • land-system change (e.g., deforestation); • and novel entities (e.g., pollution from plastics, heavy metals, and what are commonly referred to as “forever chemicals”).
In an April 2022 update, SRI found that a portion of a sixth planetary boundary – fresh water use – had also been crossed. In addition, in a June 2021 interview with the journal Globalizations, Dr. Will Stefan of SRI said that a seventh planetary boundary had also likely been crossed: ocean acidification (one that has been theorized as a key contributor to previous mass extinction events in geologic history). One other boundary has been too uncertain to judge: atmospheric aerosols from fine particle pollution caused by fossil fuel combustion. Yet, we are clearly pushing this boundary too, when considering that air pollution from burning fossil fuels has been blamed for 8.8 million deaths worldwide per year.
If a used car salesman said, “just get this baby a new engine, new transmission, new brakes, tires, and new radiator and she’ll be perfect!” Would you buy the car or trust that’s everything wrong with it? Or would you assume it’s “as is” or worse?
Best case scenario, we put up a gigantic aluminum or whatever space blanket in space to reflect a certain percentage of the sun’s energy to buy us some time. But it doesn’t appear to be happening.
Because the rich genuinely think they are immune to the laws of science. Look at the Titanic sub - they will bet their own lives on their hubris. Including with the planet.
If a used car salesman said, “just get this baby a new engine, new transmission, new brakes, tires, and new radiator and she’ll be perfect!” Would you buy the car or trust that’s everything wrong with it? Or would you assume it’s “as is” or worse?
I kinda did that. Not with a car, but a house. Bought my mom a cheap shitty house because she’s poor as shit and I’m trying to get her to be able to retire with some dignity.
But it’s a start. We have the house. We just redid the plumbing. Next the foundation. Next the electrical, then the hvac. Improving over time as we have the money and the capacity. Eventually, it will be a perfectly fine, liveable house.
It’s a LOT of work. And ridiculously expensive. But it’s DOABLE, and buying a “normal” house is NOT doable because they’re crazy expensive nowadays. We improve as we can, and over time things get better as long as we keep moving forward.
That’s what I think the best case scenario is for the planet. Renewables. Electric vehicles. Public transit. Carbon capture. Reforestation. Zero waste. I have a vision of a planet Earth in 500 years that is not an apocalyptic hellhole, but a green, vibrant, forward looking one, mildly embarrassed about how their ancestors let things get so bad before fixing it.
We can do that. A lot of us are working towards it.
Yes, with a house and just you and your mom, it’s doable. Even with a car, it’s doable. Why? Because it’s been done before (so parts are already made, how to guides, etc), not an entire planet of 8 billion people AND a completely new series of issues we have to engineer around and can’t fuck up or we all literally die. We also don’t have the time (like we are out of time) to implement much.
I think trying to fix it is completely imperative. I simply don’t believe it will get fixed. It should be fixed, yes, imo - but I doubt it will be. Partially because our government isn’t taking serious action to do so. Partially because every environmental scientist, environmental engineer, biologist, ecologist, I know is extremely depressed or suicidal.
The worst thing that would happen if you didn’t fix up that house, is that you’d be living in bad conditions but not unlivable ones. The amount of dissociation people have from the seriousness of what’s going on around us is stunning. I assume a profound lack of education about the environment or biology. Things are bad.
Partially because our government isn’t taking serious action to do so. Partially because every environmental scientist, environmental engineer, biologist, ecologist, I know is extremely depressed or suicidal.
Look, this is lemmy. Everyone and their fucking dog is suicidal here. It’s damn near a death cult.
it’s doable. Why? Because it’s been done before
That’s not an issue. We have the science. Sure, there are efficiency gains from improved science, but it’s not like we’re fumbling in the dark here. We know exactly what we need to do and how to do it. And it’s not a braindead simplistic soundbyte like “just do a revolution” or “everyone bike everywhere”. It’s complex, it’s complicated, but it is known. Stop using fossil fuels. Start using renewables. Capture the carbon that has already been released. It’s a super simple equation. It’s like dieting, you can have all the fancy diets in the world but the absolute core of it is that you need to take in less calories than you burn in order to lose weight.
or we all literally die.
That’s not true and I can tell you’re smart enough to know it, so I won’t dwell on it. But it dovetails into the next point
We also don’t have the time (like we are out of time)
It’s not a binary. We have passed the threshold where we can prevent negative effects. In that sense, we are out of time, yes. Species have gone extinct and we can’t get them back. Not like, “very soon this will happen”, but like “this has already happened”. It will keep getting worse. That’s how you have to think of it. Not like a video game. Not like “fix the problem in x years or else we all immediately die, game over!” It’s “the longer it takes to fix, the worse the world gets in the mean time.”
I believe, as long as the US doesn’t fall into a regressive fascist science-denying hellhole (which is a whole nother thing but bears mentioning), we will fix it. Possibly in my life time, or at least be on a trajectory to complete recovery (minus extinct species) within my lifetime. A lot of people are putting a lot of money and time and effort into it.
Good post, but we really need to get out of the generational thinking.
I know rich and poor boomers. I know rich and poor millenials, and gen X/Z.
It’s a class struggle. Always has been.
Stop making it a generational battle. That only serves to divide the working class.
Yes, there is racism, ageism, sexism. We should debate those things and improve, but we can’t let those things divide us politically.
And since I’m ranting, let me end with a solution. We need to find themes that help all of us.
So perhaps we should say: for example, everyone with less than $1M in wealth gets a $20K tax deduction.
Who could oppose that? It doesn’t benefit home owners vs. renters. It doesn’t benefit students vs. retirees. It doesn’t benefit city dwellers vs. rural. Or white vs. black.
But it does benefit the class who owns nothing and gives them a better chance to own something.
there are a whole class of humans that actually think; ‘i had to suffer through student loans, everyone else should also’
Stop making it a generational battle. That only serves to divide the working class.
That’s difficult when a lot of the news media is owned by *checks notes… the Capital class… and they have vested interest in keeping the conversation about a generational battle.
But yes, 100% agreed. The problem is we’re all commenting on news articles that will never stop presenting it that way.
Someone else could write news then? People started doing that on YouTube - e.g. CPG Grey, Ian Danskin/Innuendo Studios, Hank & John Green, Jon Stewart, Bill Maher, Kurzgesagt, etc. It did not work out well I think, especially since people seek more immediate gratification i.e. Twitch dances or whatever rather than fully college-level subject matter provided entirely for free, oh except having to watch ads for the corporate overlords.
If we do not value i.e. take care of things, we will lose them. In this case - and here I will use a generational term, b/c it refers to the only people in charge at the time it occurred - the Boomer (+ Great) generations chose this for the legacy of everyone who came after. Which is only the history of how we came to be here, but it is our choice to continue forward this way.
CPG Grey
CGP Grey right?
Seriously the best content creator I’ve ever witnessed. His video on First Past the Post voting should be mandatory to watch.
So tired of people thinking inside the world’s smallest box, the two party system.
His video on First Past the Post voting should be mandatory to watch.
he doesn’t actually state in that video what should be the biggest takeaway: strategic voting is what leads to consolidation of parties, so your best interest longterm is to vote your values, even if doing so has a likelihood of losing short term.
X’er here. I have what most would consider a good job, with good pay, and a good boss. I consider it a good job with good pay and a good boss. My spouse is unable to work, and we have two children. I’m currently seeking some skill or product I can develop without taking time away from my existing responsibilities such that I have a chance of not having to work until I die at my desk one day.
With no shade against millenials, this is the only time I’m grumpy about being forgotten in the generational sniping that goes on. All these articles (like OP) about this very valid angst from older millenials and I identify with it pretty much every time. I know I’m not the only X’er who does.
It’s the trouble with attributing it to any specific generation. It’s like people forgot that Gen Xers grew up reading the same dystopian sci-fi that we did that predicted this corporate shithole world. Neuromancer was written in 1984, when I was three years old. People forget that the cynicism of Gen X explicitly came from being such a small generation compared to the Boomers that it was just always a given that they wouldn’t ever have much political influence. Hell, it even affects a lot of Boomers, because this has been going on for a long time.
Gen X gets forgotten, but they were honestly the first to really bear the brunt of this disease that’s eating at all of us, and thus it’s sad that they get forgotten. Cheers mate, and I hope you find that skill and succeed in your goals.
Thanks buddy. 🥹
I leave this parting gift…
First, the 1% gets all the money and then the piss trickles down.
Do not, my friends, become addicted to piss. It will take hold of you, and you will resent its absence
The same thing that’s on the first side, but in reverse.
Lol!
No.
Hell. Gen X also are worried about retirement.
Will social security be here in 15 years? My 401k has not kept up at all… Everything today costs soooooooo much there’s no real room for saving.
Most recent social security trustees report says the trust fund will run out in 2035. What happens in 2035? Benefits are still funded at 83% in perpetuity. By the way, last year it was going to run out in 2033, and the year before that it was going to run out in 2031. And also by the way, the trust fund was specifically set up because they knew the baby boomers were going to stress the system, so it’s supposed to get depleted as the boomers use it.
Everything is working mostly as intended, and yet there’s all this anxiety around Social Security. Why? Because Republicans want you to think Social Security is fucked all on its own so that you don’t question it when they ratfuck it. That and they want to constantly frame the conversation as such so that the conversation doesn’t turn to “how do we make social security more robust and generous?” or some other radical socialist nonsense.
Right??
Early Gen Z / very tail end of millennial here.
Got a job that pays ~80k (with promotion potential to 100k in a year) and I’m just… dumbfounded at how yall are making it. I didn’t grow up wealthy at all, and struggled with homelessness for a time, so I’m not new to the frugal game, but being able to put away only a hundred or two bucks a month after taxes is crazy with the hours and time I put into existing. I’d rather just not work at all if the end result is the same.
Doordash is a crux in my life and something I’ve definitely splurged on in the past, but groceries are just as expensive outside of rice beans and chicken. Baffling. :(
being able to put away only a hundred or two bucks a month after taxes is crazy with the hours and time I put into existing.
Every little bit helps. Future you will thank you for even putting that amount away.
I try, but of course life finds a way to rip whatever savings I’ve got slowly but surely.
This is another one of many things that the government should be taking care of for people (and they sort of tried to with Social Security) but of course the “privatize everything” sociopath elites killed that idea, and our culture expects everyone to just learn how to Warren Buffet better. Bro, do you even index fund?
Gonna leave a bit of advice for any young folks that might see this. Something I wish to god someone had told me when I was 20.
Start an annuity plan. They’re generally stable, all but guaranteed to accrue money. You can set a percentage of your paycheck to be deposited automatically into the account. If you have the option to do this through your employer, do it, find out if they match the deposit like mine. Put 10% of your paycheck in there. After 10 years, I have $40,000 sitting in a retirement account with a progressive series of bonds set to mature in between now and my retirement age. Those bonds will roll back into shorter term bonds as they mature, and add more value to the account. My projected retirement age is still 72, but at least I know that money is there.
Also, after 4 years, the account matures and you’re able to borrow against it, like collateral for a loan. So if I wanted to right now, I could take that money and use it as a down payment on a house. I’ll be expected to put it back, but the interest is generally lower than a home owner’s loan.
Generally speaking in the US annuities are horrible and significantly underperform a regular 401k/IRA invested in a broad total market index fund. The fees eat you alive. Don’t know how it is in other countries. But annuities here are damn near fraud.
This sounds a lot like superannuation that we have in Australia and is mandatory. A certain amount of money from your paycheck is put with a super and they invest it for you, and the idea is that you should have a few hundred grand by the time you retire.
In the US that was Social Security but currently it’s broken
No.
But one day I will get so desperatly poor that taking out someone in siphoning wealth from the country and ending them might seem like a fitting end.
If we don’t change things anyways.
I always wonder why people shoot up schools and parks when their problems are caused by people in board rooms. Never see a mass shooting in a board room for some reason.
Believe it or not, people willing to murder others aren’t the best at thinking clearly.
Now try being a mid 30s millenial that couldn’t even make it running a business
For real. I’m over here having a mid-life crisis since I was 27.
That was your “quarter-life crisis”. Don’t worry your mid-life crisis is still on its way :D
Goddamn right, I thought the quarter was rough, I was wrong
For the last 10 years when I’ve been asked about my career goals during job interviews I always respond, “I would like to retire.” I then clarify that I don’t mean tomorrow, next year, or even 5 years down the road. I just don’t want to die a wage slave.
What’s the typical reaction to that? Bring honest like that doesn’t sound like a winning strategy, unless you pass it off as a joke maybe.
I don’t say the wage slave part outright like that. I say the part about retiring with a smile like I’m joking but then use the opportunity to point out that I think about and plan for the future and that I’m financially responsible. Then I ask about the company’s benefits package.
Covid made thing weird for a while but my career has had a generally upward trend. My current job is a pretty serious step up for me in both salary and benefits and has a pretty clear path for future progression. I lost out on some of the creativity that I enjoyed in prior positions but I gained more free time to engage with my hobbies.
I’d say it’s been working for me but your mileage may vary based on your delivery and what kind of job you’re interviewing for.
Thanks for taking the time to answer!
Am millennial… xenniel or “elder millennial to be exact… I have completely given up on ever owning a home or being able to retire. Short of some major acts of public disruption at unprecedented, economy-toppling, billionaire-eating scale, my entire generation - and those after us - are fucked.
You only need like 5% down for a home. Zero if you are a veteran for some reason. Mortgage is almost always cheaper than renting.
Unfortunately, this age-old folk wisdom just isn’t true any more.
Near Los Angeles (and many/most big cities these days) even “fixer-upper””starter” homes cost $1,000,000.
5% down ($50k) would result in a monthly mortgage payment of $7,939.88 which more than twice my rent payment, which is already high.
And saving is nearly impossible given the rate at which the basic costs of living (including rent) have skyrocketed in recent decades.
It worked for me last year. Put 5% on a home near a major city, purchase price $425k
Some areas like LA are just a special kind of fucked, but you don’t have to live there.
The lesson here is do the calculations for your area. There are a lot of “buy vs rent” calculators online.
Yeah, I bought fairly recently (as interest rates were starting to climb) and it was 100% a qol decision rather than a financial one. I’m paying more in interest now than I was paying in rent before, so instead of giving my money away to a landlord, I’m giving it away to my mortgage company.
The only way I’ll come out ahead financially is if the value goes up. But I have mixed feelings on that, too, because the housing situation is fucked here and value continuing to go up will mean that the situation is still fucked. I don’t want this place to be my home forever, so if the price here goes up, then the price of better places will also go up and it ends up being a wash until I don’t need to own and can sell, but even that would be tough because inheritance is probably going to be my daughter’s only way of ever owning her own place.
Or, on the other hand, if they fix the housing issue here by limiting the number of residences any person can own and barring corporations from owning at all (or at least not having them count as new people for number of places they can own), then prices will crash and most people who currently has a mortgage will end up owing more than their house is worth and will still be fucked in that way. Unless the government makes the banks eat some of that or does a bailout for homeowners.
But anything in the above paragraph would probably take a revolution to actually happen because all of these bugs for regular people are features for those that have the wealth to influence the political power.
Or best option, rather than a crash we massage the housing market into stagnation for a decade or two with a combination of increased supply and gradual regulation. Stagnation in housing prices will over time let wages catch up.
My plan is to open a kiosk once I retire im a night owl anyways and it’s not too physically demanding.
Man, that’s a lot better than my plan.
My plan was just to add a lot more bbq and fried food to my diet once I get to around 60.
Was it speedrun of unhealthy diet?
I will die the way I always wanted to live.
Surrounded by an assortment of artisanal barbecue sauces and fancy hot sauce.
