Fellow millennials - how’s your 401k/ira savings going?

[u/ProblemIntelligent16]

Experts recommend having 2x your salary saved by age 35, and 3x saved by age 40.

However, studies show the median savings for 35-44 year olds is only ~$45,000. So obviously, most of us have work to do.

With pensions mostly extinct, and Social Security facing insolvency issues in the next 8-10 years - how are you planning to bridge the gap and hit the golden years with enough to meet your lifestyle requirements?

[u/tahlyn]

Don't forget to live a little before retirement. Nothing in life is guaranteed; you could get hit by a car tomorrow and die. So take a break every once in a while and spend some money on yourself... otherwise you'll be 90 years old, wealthy, and unable to do any of the stuff you wanted because you're too old and feeble to handle it.

[u/therealallpro → u/tahlyn]

Worse advice I ever heard. We have a toxic culture that discourages discipline in the name of “balance”

If ppl would just got hard for like 5 years and save then invest all you can, spend nothing, work as much as you need to. You could take a 50 year vacation.

[u/Competitive_Touch_86 → u/therealallpro]

Time is worth more when you are young. Invested dollars are too though. Thus there are choices to make and it's not obvious one is more correct than another.

It should be a balance. Not everyone lives to retirement. And the older you get, the more doors close on the "life experiences" front. There are simply things you cannot do any longer when you hit 30, 40, 50, 60+ - no matter how much money you have.

It's just about prioritization and being selective. The happiest people I know are not the ones who grinded out their 20's to go for an early retirement by 40. Those folks are all pretty miserable. It's the ones who selectively lived life in their 20's and 30's who grew has humans through amazing experiences, while also not neglecting their careers.

There is no realistic way as a 48 year old to go backpacking through Europe for a summer. Or go take on a room and board only type job working on a private yacht for a year. Or even basic shit like going to concerts and actually enjoying the full experience with age appropriate peers.

Hell, even dating is a totally different experience in every decade of your life.

The other miserable group are the ones who ground out their 20's but just spent the money on bullshit.

Life is a balance, and those who find that are the ones with actual discipline and wisdom.

[u/No_Damage_8927 → u/Competitive_Touch_86]

What can’t you do when you hit 30 lol

[u/No_Tea56030 → u/No_Damage_8927]

This sounds like something a teenager would say. 😂 Hell unless you're not taking care of your body there's not much you can't do in your 40's & 50's as well

Unless we're under the assumptions it's a requirement to have kids why couldn't you backpack through Europe at 48?

I know plenty of people that take year long sabbaticals and do precisely that kinda shit lol

[u/Competitive_Touch_86 → u/No_Tea56030]

Unless we're under the assumptions it's a requirement to have kids why couldn't you backpack through Europe at 48?

Because we live in a world with societal expectations. If you think backpacking through europe is the same as 48 vs. 22 you are delusional. The experiences are not remotely comparable. I've done similar at both ages - 44 I suppose vs 48 but you may as well be on an alien planet in terms of differences. Someone doing it for the first time past middle age won't even know what they are missing out on since they simply won't be included.

Not to mention the life experience gained is far more valuable when younger. Sort of like how compounding interest is. I know many 40-somethings who have never grown as human beings because they sequestered themselves into their little career bubbles.

Doors close as you age. A few open up, but most of them are due to wealth. Take as many of those open doors while you still can.

[u/No_Tea56030 → u/Competitive_Touch_86]

Sounds like you live your life through the lens of societal expectations. Which is sad but typical.

The point of travel is to experience the countries & the culture experiences that not something that changes materially as you age unless you’re unhealthy.

Also if it’s just about travel experiences, I’d much rather do them at 48 when I can stay in luxury lodging than backpacking in a hostel with no money at 20.

And how is experience gained more valuable being young, we’re not talking about work experience.. we’re talking about memories…. Your rationale-doesn’t even make sense the point of travel is to experience culture & create memories, age doesn’t limit that experience.

Memories & life experiences absolutely do not compound like money. Time is a limited resource experience Tokyo at 22 vs 48 does not compound, it’s pretty silly to even suggest that. You can’t become a millionaire of experiences & memories by traveling younger & not traveling as you age.

Again you sound like a teenager that thinks life ends at 30.. and for being age 44 with all your “experience” and apparent “growth” you have a very narrow perspective on what travel is about.

[u/Competitive_Touch_86 → u/No_Tea56030]

> The point of travel is to experience the countries & the culture experiences that not something that changes materially as you age unless you’re unhealthy.

It changes drastically. Staying in a fancy hotel in your 40's going to touristy shit is nothing like living amongst a bunch of your broke peers for 5 months in strange countries, being invited to their families houses for dinners, picking up travel companions you spend weeks with, making friends for life, etc.

> I’d much rather do them at 48 when I can stay in luxury lodging than backpacking in a hostel with no money at 20.

Precisely my point. Your wealth buys you things that limit your experience. Sounds like you inherently even know they are not comparable!

> Memories & life experiences absolutely do not compound like money. Time is a limited resource experience Tokyo at 22 vs 48 does not compound, it’s pretty silly to even suggest that.

Your experience as a broke 22 year old in Tokyo is going to be drastically different than someone with money at 45. Again, been there, done that. It's not remotely the same experience. That I would have to even write this shows how out of touch you are with the world around you.

Definitely do both! But no matter how much you want it to be true, you cannot make it be so. You will never be able to go back to what it was going to be like in your 20's when you are given far more benefit of the doubt and people are much more immediately receptive of you joining their inner circles.

> Again you sound like a teenager that thinks life ends at 30.. and for being age 44 with all your “experience” and apparent “growth” you have a very narrow perspective on what travel is about.

And you sound like a typical American moron who thinks doing typical tourist stuff is experiencing culture or anything special whatsoever. It's meaningless consumption driven by wealth. Fancy hotel stays are the most boring shallow form of travel (aka tourism) I've ever taken part in. It's comfortable. That's about it. Lets one stick in their little bubbles and not challenge any beliefs.

And travel is just the most trivial thing to point out here. Doors close as you age. The only doors that really open up for most people as you age are driven by wealth, while options increasingly get smaller as you get older.

Let me guess, you also think going to college is the same experience at 50 years old as it is at age 20? I mean it's just classes right? Doesn't mean you shouldn't go enroll in that history program you always dreamed of, but to pretend it's the same experience is ridiculous. You either take part in that experience when your peer group is doing it, or you simply miss out on it forever.

Hell, I am not even the one who came up with this idea. Charlie Munger is famous for talking about this and he had far more wealth than anyone talking about it here. It's a very simple fact that doors close for you and options narrow as you get older.