Millennials want to retire by 61, but most have nothing saved

CNBC ^ | July 18, 2018 | Megan Leonhardt

[C19fan]

Millennials may have only a little saved for retirement, but they still want to retire early.

A recent Bankrate.com survey asked millennials, classified as Americans ages 18 to 37, what the perfect time to retire would be. Their answer: 61 years old.

[Blurb2350]

Actually, I don’t think it’s fair to pick on Millenials in this instance. I’ll bet there a lot - a lot - of people older than this age bracket who are worse off, due to their proximity to retirement age, than these Millenials.
Exactly. Not a week goes by without an article about how little folks young and and old -- mostly middle-aged and older -- have saved for retirement and old age. The millennials have several decades to save up . . . if they've a mind to.

[i_robot73]

>
No reason anyone living in this country can’t be a millionaire by the time they’re 60 if they practice frugal living and have a work ethic.
>

PLENTY of reasons for not being in the ‘$M club’; many having a single source of consternation: GOVT.

Govt...w/ it’s hand out to be ‘paid’ FIRST
Govt...TAXES galore (!= A1S8, let alone many Amendments)
Govt...rules/regs (again, NEVER passed by Congress but w/ the ‘weight of law’)
Govt...perversion of the Free Market
...

It’s enough the theft of ~12% of one’s pay to prop-up that which would be ILLEGAL in the REAL world. Ponzi schemes galore.

[Buckeye McFrog]

Frankly I don’t know that I could ever fully retire after watching my dad. He spent his days puttering around the house, looking for stuff to occupy his time. I think I’d go nuts.

[publius911]

Millennials may have only a little saved for retirement, but they still want to retire early.

There's always the homeless option.
In the bizzarro reality of these "entitled" morons the money fairy reigns supreme :

If it's not mommy and daddy, it is the infinite purse of the actual adult working Americans, not in the warm embrace of "public employment," the largest subculture parasites of all.

Good luck to them.

[Paine in the Neck]

They generally don’t have wallets.

Ha. They're not concerned with what's in their wallet. Like all good scialists, they want to know what's in your wallet.

As an aside, there are many wallet apps for smartphones.

[vespa300]

Got my retirement statement just yesterday. Pleasantly surprised...plus IRAs, Savings, Home and vacation condo paid for, cars paid for, 2 motorcycles and tennis game never better at age 60. Out lasting guys half my age in the Texas heat.....USTA 4.0 but can hit easily with 4.5 guys. Worked for all of it.......fool.

I’m in!

[tbw2]

I am more concerned about the 50-somethings calling in to Dave Ramsey with little savings, a lot of debt and retirement on the horizon.

[Obadiah]

No reason anyone living in this country can’t be a millionaire by the time they’re 60 if they practice frugal living and have a work ethic.

You know, I do not want to steal glory from the God who has blessed, but you almost have to be completely mentally incapacitated to not make this goal in America.

I heard one pundit basically say that you almost have to work at failure to not become wealthy in America.

Yes, yes, I understand the myriad of reasons for setbacks, but even still, compared to almost any other human on the planet now -- or ever -- nearly every single American is wealthy far beyond imagination!

[tflabo]

Instead of the leftist diatribe of their schooling how about a basic course in fundamental economics and practical management of finances. Also I’m keen on having automatic enrollment for young employees to contribute to a retirement plan. Even small amounts in their 20’s can add up significantly over the decades.

[proxy_user]

I retired at age 61. I am so busy, I can’t figure out how I ever had time to go to work.

[Paine in the Neck]

scialists —> socialists

[joesbucks]

My church has a school that has a required class on personal finance (Dave Ramsey’s). And yet most of those young folks, even after that immersion, are foolish with finances.

[Vaduz]

They can always move to France it worked out well there. /s

[txrefugee]

Many Millennials despise their parents faith and moral teaching, but they are looking forward to inheriting what their parents’ money. Parents in such situations should consider leaving most of their wealth to causes that agree with and promote their values.

[Theoria]

Millenials also have the most 'debt' on them thanks to their pops and grandparents.

Good luck.

[hadaclueonce]

Most are counting on GoFundMe

[GOP Poet]

bookmark

[Ted Grant]

Retirement is for wimps.

[tflabo]

I’m 62 still employed, got to the goal yet I’m still tottering over should I stay or should I go? I guess it’s a good problem to have— when I hit 63 next year I”ll re-evaluate.

[Alberta's Child]

My goal is to follow the example of one of my heroes ... a former client of mine in western Canada. He "retired" from his first career at the age of 55 ... then worked 5+ days a week at his second career until he began losing his faculties at the age of 85. He was independently wealthy within five years of his first retirement.

"Retirement is for quitters." LOL.