“It is true, the youngsters face a bleak future. If we can somehow have a revival and turn around it will take years to recover. They are facing at least TEN years of economic malaise... if they are lucky. Right now I’m not thinking about recovery. I’m just praying it does not get terribly worse. All signs are that it will get worse soon. There are no good reasons to think otherwise.”
I’m not in this spot, but one of the reasons boomers are having to work longer is because they spent a lot more on their kids’ “education”, and now have to support them, in that they have no discernible skills other than xBox, Facebook and shopping.
The damage done from NOT working IMMEDIATELY, at a good job, right after college is tremendous over the course of a career. It can cost hundreds of thousands of dollars over 40 years.
Fact is, you probably can’t make up for starting late. It means you WILL, at best, finish late.
It is a savings time frame unless starting late means you don’t advance.