I have heard this for years (i'm 41) but i simply don't see the US being basically the only developed country without a social security type of program. Something will eventually happen to keep it going.
My retirement plan has 2 steps.
no disrespect but you are completely wrong. www.daveramsey.com it has nothing to do with age, it has to do with financial responsibility and living debt free. You don't have to count on anything from the government to retire. You don't even need a pension. Be debt-free and invest and you'll be retired wealthy (not necessarily rich).
And in my 40 years of life in this country, I have learned never to count on the government to help me with anything. They never have.
Most of these people don't have the means to "plan for the future". Between trying to pay for their education, then the bills that mounted while paying for that education, then the costs of starting a family that mounted while paying those bills...most people find themselves in their mid-40s before saving for retirement becomes possible.
I've shaken hands with Dave Ramsey. He's a really fun guy. But he's very old-school. While his advice is perfectly valid, following it also means wasting your best years obsessed over money and missing out on way too much. And that's IF you are fortunate enough to get to hear his lectures at a young enough age. I had never heard of him until age 35.
well said, you have to plan. I didn't start till 30 which i greatly regret, however, I'm 36 now and I've busted my hump gone "gazelle intense" and I made up for the lack of saving for the last 18 years. I worked so hard, I'm buying this Rubi as my reward, essentially debt free. It can be done, but like everything else, what you put into it is what you will get out of it. $150/paycheck $300/month for 30 years you'll have a million when you retire if you get the average 12% return the stock market has garnered the last 30 years. Everyone can squeeze out $75/week of wasted money if they buckle down on a budget. However, its whether you want to do it or not. A friend of mine says screw that I'm "living for now". He's 100k in car debt... well to each their own.
Amen
completely disagree... just takes a strict budget and determination. Obviously we are talking on a "new car" forum so majority of the posters here are "normal" and are in debt, but it can be done. Don't be "normal", get intense and get debt free then you can invest and spend as you choose.
Just because it is/was possible for you and I, don't assume it is for everyone. In fact, the overwhelming majority of people don't have the means to live in this country and do what you propose. The reality of the cost of living here, and the cost of an education required to make sufficient money to afford the cost of living here creates a vicious cycle that takes decades to break. I know because i've seen it first hand. My wife would be in it if not for my help.
Agreed.
Reality is never an excuse. In fact, the phrase "those are called excuses" is an excuse itself.
Pretending to know people's situations is not an advisable rabbit hole to get into. You simply haven't got a clue what people have or haven't lived through. As in none.
We can agree to disagree, but if you live within your means and bust your @$$ it is easy to do with the right mindset. No one does from working too hard, they pass out first. To those who need that extra coin... Pick up a secondary job till you can get out of debt. I did it being the primary bread winner in a 6 family household on a 32k/year salary. I never worked less than 70 hours/week cause that is what it took. Took 6 years to get where I'm at, but I kept my eye on the prize and here I am today talking to you, waiting on my cash flowed 2021 jeep rubicon. Again, not trying to argue just disagree with your opinion.
You need to take your own advice. I wasn't the one who started out pretending to know people's situations.
And what about for people whom "living within their means" means no place to live, or no transportation, or worse, no food?
