My parents were awful with money, and then a series of serious illnesses wiped out their savings and now they're living on social security. I live with them as a caregiver, work full time, but have put myself in serious debt over the last year and a half helping keep things afloat while my Mom undergoes treatment for leukemia. It's been a fucking ROUGH time. I have a small 401K that I started in 2023 when I got hired by a company that offers one. I am so glad I at least have that.
My folks are good. They were fortunate enough to be helped a LOT by my grandparents, and they were dealt good cards. Mom is a retired teacher, dad did a few things. They were always very fortunate people who were able to save a lot toward retirement, and they are currently living on social security with a seven figure nest egg that’s just gaining interest. They don’t touch their retirement.
My in-laws, on the other hand, are relying on my husband’s oldest sister for housing and living expenses. Mom decided to retire early, and dad decided to blow all of his money buying new cars every year. They have not a pot to piss in. Oldest sister is currently going through chemo, so they’ve moved in with her to help her out, making her house home to not only the in-laws, but one of the other sisters, the son of the other sister, then the grandson of same sister from her other adult son who has children all over the place with different women.
So recap: my folks - fine. Don’t have to worry about them.
In-laws - living in a house with five other people, relying on cancer patient to survive.
Sure do. My parents deeply wish they could retire but made some terrible financial decisions over the past 20 years that really fucked them. It's been ultra rough on their relationship and overall happiness. Very sad.
My grandfather also had a gambling problem, but unbeknownst to his children, he was pretty good at it, and had about $3m in his account when he passed.
They all thought he lived in a trailer because he was flat broke, but it turned out he lived in a trailer because he only spent about 6 weeks a year at home, the rest of the time he was in Las Vegas.
Such a sad disease. I have an uncle who burned every bridge in the family asking for money with lies. Gambled all of it. Doesn’t get to see his grandchildren now. At one point he was a millionaire.
My mom retired twice. The first from a government job with pensions, the second from a corporate job that got bought up, and the buying company paid all the older people to quit. I'm glad she's doing well.
My dad spent decades getting paid under the table to avoid child support. He's currently between girlfriends and sleeping on his sister's couch. Don't know and don't care what will happen when his face card declines and he can't use women anymore.
My dad was disabled starting in his 50s. My mom didn't work full time until I was in college and was basically forced to retire at age 69. They did not plan for retirement, and have almost nothing. Even their house was not worth much bc they didn't take care of it.
I've dealt with a lot of resentment around this because they need help and assisted living is crazy expensive. Them living with me or my siblings is not an option.
My dad worked in a steel mill and has a pension and his social security. My parents are one of the rare few that are doing OK. I however will more than likely be in this boat.
Same here. My parents both worked public jobs, have pensions and excellent health insurance. Dad retired at FIFTY-NINE for the love of God. Now in their mid 80s and health issues are starting to catch up with them, but they had a solid 20 years of good retirement living despite not being especially wealthy and never attending college. It all seems like a fairy tale nowadays.
My father retired with full benefits and a generous pension at 54. He's now 74 and simply cannot understand that is completely out of reach for people my age. He kept asking me why I don't just get a job with a better retirement plan and better health insurance. I showed him how that doesn't really exist anymore and he just can't believe it.
He owns a large, beautiful home, and has never been in medical debt. Honestly he worked hard but not as hard as I have and I live in a small apartment and have been in medical debt pretty much my whole life.
Like most Boomers, he's going to have to spend it all, including selling his house, on end of life care. No one really anticipated how expensive that would be.
My dad was forced to retire at 50 due to downsizing but he got a cake job doing security at a casino. They have spent the last 10 years traveling but their health is starting to decline as well.
My mom is in her mid 70s with no retirement savings even though she has made 80-100k a year for 30 years now. She still works full time. This is all thanks to her codependency with my drug addict/gambling addiction sister. She fully supports her and all of her children, what a mess. Take one guess who she's gonna rely on when shit hits the fan? It's gonna be a real tough conversation but I've been laying the groundwork the last few years.
My parents were both bad with money and had their share of life throwing them crappy curveballs that had an impact on their finances. When I was in Jr. High (Mom) and in University (Dad) they thankfully met my now-stepparents who are miraculously both good with money, and have steered them towards a much better financial position than they would have reached on their own. Thank goodness for my stepparents!
Dad retired at about 64 and my mom retired at 58. They are both doing well. Both worked factory jobs and invested a lot when us kids were out of the house in order to retire at a decent age. I plan to retire at about 58. I’m counting down the years.
My parents are retired and in decent health. However, it was very dicey for a while. My dad's the only one who put anything away and they constantly raided his 401k to fund business ventures that ultimately failed and down payments on homes.
I remember when they were in their late 50s, my mom would tell me he was going to start preparing to retire in 5-6 years.
5-6 turned into 10-15 because of their spending. He finally retired at 69 not because he wanted to but because his job was eliminated and he knew he wasn't going to be able to get another job of that caliber at his age. He was given a generous retirement package and they're doing well. But I do worry.
My mom is 82 and in good health /knock wood 🧿. My dad passed a couple years ago. Financially she is doing ok. She can cover her bills and travel between the two countries she has citizenship in. She owns three houses so in some ways she’s house poor. One of the houses my brother lives in. One is a beach cottage that I hope to retire to. 😆 in our culture parents leave property to kids and if they can afford it they buy it for them while still alive. I always tell her to sell one of them if she needs the money but she wants us to have it.
My mom passed right at 65. She would have been there but she lived her life there. So she would have been used to it.
I am maxing out my 401k and mine and my wife's roth and adding a little extra to a brokerage account. Assuming nothing horrible happens I'll be financially independent in 10 years and plan to retire at 62.
If you're not throwing 25% into retirement. You should consider checking out the money guy and start following the foo. Our parents didn't have the internet and have "didn't know better" as an excuse. We have plenty of resources to learn and the only excuse we have is we didn't plan, or "i didn't make enough money." Well let me tell ya, there are people making 200k feeling like they pay check to pay check because they chose to increase their life style and have large car and house payments. Take care of future you, no ine else will
It will and I suspect pretty soon. I think two things are going to kill it... AI will crash, and consumer debt has been overleveraged since the COVID inflation crisis. But just like in the .com and the 2008 crashes, it will take ,2 maybe 3 years, and it will be back to where it is. Your account will only be wiped out if you pull from it.
OR it won't come back. The American economy will completely crash and the global economy will soon follow. At that point, I won't be too worried about my retirement because I'll have bigger problems to worry about.
My parents both retired in their mid/late 60s. We were not wealthy but also not in the poorhouse. Dad lost most of his retirement in the wake of 9/11 and the dotcom crash, and Mom never really had any savings. They worked their asses off after that to build their nest egg back up to give themselves a chance at retirement.
They have to be frugal, now, and they live on a budget. They sold their home and bought a fifth wheel and now they travel the US & Canada for months at a time. They sacrificed their youth to raise my 5 siblings and me, so I've told them that I'll be upset if they don't spend every penny enjoying retirement before they pass. They deserve it and I hope it is a long and fulfilling one!
One parent has been disabled over 20 years. The other has cancer and is now also disabled. I'm thankful they bought a house and paid it off before all this. But thats literally all we have left - a house to take care of them in. Caregivers come in and think they have money because it is now in a nice neighborhood and technically worth an average amount in our state. But when they bought it it was in the boonies.
Yeah, there are a lot of people in this thread that make decent incomes and don't have any serious setbacks or disabilities who seem eager to blame people for "not preparing." Sure, sometimes that's the case, but often it's not, just as you describe. I've had several serious health conditions due to a genetic disorder and twice in my life I've had to spend basically every penny I've ever saved just to stay alive. I've restarted my retirement savings of course but I'm still behind comparatively.
Exactly. And our generation happens to be strapped with taking care of kids/sending them to college while also taking care of parents - something our parents never had to do. It will always be such a wild take to place blame on the poor or disabled instead of asking how the rich are getting richer (extracting revenue through legislation) and the poor are increasingly becoming a larger part of the population. People cannot afford homes yet PE holds an astonishing amount of private homes in their portfolios. Rent and home costs are both not coming down because people want to extract the maximum from everyone, not charge reasonable equilibrium prices. So we all hurt for short term gain for a very small few. Dont worry, the elites are coming for their share too. Waiting for the stock market crash so the very wealthy can buy retirement accounts for a fraction of what we put in while also removing our social security.
My parents are the opposite. My father served in the army, went to college on the G1 bill, and then worked for the VA for 40+ years. His pension is ridiculous. He's still making 6 figures in retirement, and should he pass before my mother, all of that transfers to her. They're set.
This feels more like my future. I'm barely scraping by, and am putting everything I can into my 401K, IRA, investments, etc., and I still don't think it'll be enough to live even half as comfortably as my parents. I see a financial advisor, and he's telling me I'm doing everything I should be doing, but it doesn't feel like I'm making a dent in anything.
No. My dad worked his fucking ass off his whole life starting with pretty much nothing, built two businesses and is living comfortably in his early 70s now. He's not wealthy, but he will be just fine for the time he has left. We lost my mom a couple years ago (married 41 years), so he's adjusting to his new life without her.
As a side note-- it's amazing to see how many people who have parents who totally fucked their own lives and now rely on their kids, only for their kids to now be making the exact same mistakes. There's a lot more generational poverty than there is generational wealth, and a huge amout of it comes from terrible decision making when people are young and in good health.
If you can afford it you can buy whatever tf you want. The problem is with people who are our age (40 =/- 5 years) with a six-figure negative net worth because they're leveraged up to the eyeballs. They've got car loans for them, their spouse, and maybe even a kid, plus a house that was always way bigger than they could afford, plus jet skis, ATVs, boats, etc all with maybe a few grand in a retirement account.
I know quite a few people making well into the six-figures who are living paycheck to paycheck because of the choices they have made. As soon as the income slows, they're screwed.
THAT'S how you end up with nothing when you're too old/broken to work anymore. We're statistically in the best earning years of our lives right now. If you don't have AT LEAST 2x your annual salary (or peak expected salary before retirement) saved in retirement accounts at this point, you're substantially behind for our age.
Haha no not my parents. They both have great pensions. Mom retired at 55. Dad retired at 68 only because he wanted to keep working; he could have also retired at 55. Dad and stepmom are traveling the world having the best time, pulling up the ladder behind them as they go.
Gotta love all these old people who spent their entire adult lives voting against taxes, against social security, against universal health care, against childcare, against schools, etc.
No clue what my Dad does but I know he has a military pension so he is probably fine, but I hope everyday is difficult for him. My mother does okay but we have to help her a lot. My middle brother is very well off so he helps her financially but she is one injury or bad decision away from living with us.
both of mine got very lucky in that they were farmers and the land value increased by 1000x. they have since passed though.
me? i'm trying to retire as soon as i can financially do it. i was my mom's caregiver the last 5 years of her life (dementia) and the amount of people in their late 60s/70s i've seen pass away before they retired made me change my tune. main thing, reduce one's monthly bills/expenses.. buy quality items that last.. skip that fancy ass coffee you can make 6 pots of coffee w/normal grounds...
i plan to retire by 55 if not earlier.. fuck working your whole life.. i guess some people in life need to work to find purpose but me.. no thanks.
My dad could have retired financially speaking in his 50s but still owns his own franchise restaurant business and goes to his office for a half work day almost every day at 76 years old. He only spends money on traveling a couple of times a year and has a much nicer truck than he really needs.
My parents were smart and bought a 3 family house as their first house back in 1980 after coming to the USA and saving as much that they could for several years, and lived in it till they died, it was paid off and the rent coming in from the other 2 floors added to their social security and affoarded them a comfortable retirement until they passed away.
They came from Spain in the early 70's and had a 7th grade education between them, but they worked hard saved every penny and it paid off for them.
Stories like this are what infuriate me about so many people born in the US. They pretend they're at such a disadvantage and the world is out to get them and they have it so hard and blah blah blah. They have no fucking idea how good they have it just by virtue of being born in the US in the first place.
I grew up in South Florida, so I was surrounded by immigrants who fled communism in Cuba. They showed up with nothing beyond what they could carry in a suitcase, and maybe less if that suitcase got lost along the way. They busted their ass and took nothing for granted and made a life for themselves and their descendants.
Big tip of my hat to your parents. Sounds like they did it right.
My parents came from Spain to the US with my older sister in the early 70's they died in the 2010's, they never once went to the movies in the USA, they ate out very rarely, they made smart choices and paid off their house and had another 4 family house they bought with my uncle that worked otu well for them. They came to the US legally and were legal green card citizens, they paid their taxes on time, they taught me and my siblings the value of hard work.
"I may have a degree in mathematics but that doesn't mean I am financially literate".
Oof, that's rough. I don't get what it is about money that make people think different rules apply to it than any other number. My parents never combined made $100k but they have over $1M in their retirement accounts, and they didn't start saving in earnest until their late 30s. And being married they both collect social security. Since they have no house payment or have to save for retirement they are doing better in retirement than when they were working.
My dad passed in 1991. My mom is 67 and is planning to work until she dies. She had a rough life, but we love her very much for what she did for us so she's just going to live with one of us until she dies. She has lived with me, she lives with my little sister right now, but my brothers help her financially too. She sacrificed so much. We tell her we're her retirement fund.
My parents are retired, they are just living very modest lifestyles, and 1 of them is relying on the kindness of others to supplement.
Both of my parents live in low cost of living areas and rely on social security primarily. They divorced and remarried, so their social security benefit is much different.
My father (78yrs) gets somewhere around $2800/mo from SS. Hes worked full-time his adult life until about 70, and managed to work part-time up until this year. I don't think he'll be able to do that anymore due to health, but their house is paid off and thankfully his wife can now draw social security as well. I know her benefit is less, but I'm not sure how much less. They live a zero frills, but comfortable lifestyle.
My mother (69yrs) gets about $1000/mo from SS. She only earned wages sporadically during her adult years, and the man she married mostly worked for cash and did not pay a lot of tax, so her benefit is very small. Thankfully her husband left her a fully paid off house, though it is in troubling condition. She relies on her church to provide a lot of the food she needs, and sometimes labor for household repairs. Her children, including me, provide money occasionally when something big breaks (vehicle and heat pump were my last 2). I've been hearing her say she doesn't know how she will make it, followed by God will provide, for many, many years now. At this point it's whatever.. we are a bit numb.
Disclaimer, I didn't watch the video so, I'm assuming from the screencap it's about parents too broke to retire. Downvote to oblivion if needed.. I just like to vent about my mother's lack of preparation for retirement.
My dad was a machinist who refused to learn CNC and his place of employment closed when he had 23 years in, so he got a partial pension from that, but had a hard time finding another machinist job that paid nearly as well.
He had no retirement savings and my mom hasn’t worked since 1981, so he died less than 5 years after retirement (after working since he was 13) and my mom is in $178k worth of debt, lives in the middle of nowhere without a car, and refuses to change or admit fault so I don’t talk to her anymore.
My parents both retired in their early sixties and have made the absolute most of it. They've travelled the world, slowed only by COVID, and picked up new hobbies and stayed as active as possible. They're slowing down a bit now in their mid 70s, but still just got back from a 4 week trip to the Azores, Portugal, and Spain.
My wife's parents are similar.
It's delightful having great examples of how happy and rewarding a retirement can be!
I am hoping we have the Soylent solution in place soon…. I’d like to be shown daffodils and sunsets while the final solution / flavor additives course through my otherwise perfectly functioning veins.
mom still looks like shes 50. gardening and waiting tables part time. dad looks like hes got 10 years left, and he parties like a teenager. retired with a pension living in an RV, scooting around the lower 48.
*
draculasbloodtype@reddit
My parents were awful with money, and then a series of serious illnesses wiped out their savings and now they're living on social security. I live with them as a caregiver, work full time, but have put myself in serious debt over the last year and a half helping keep things afloat while my Mom undergoes treatment for leukemia. It's been a fucking ROUGH time. I have a small 401K that I started in 2023 when I got hired by a company that offers one. I am so glad I at least have that.
BlacksmithThink9494@reddit
I am in this exact same boat and it SUCKS
draculasbloodtype@reddit
Thank you ♥ I hope you're road gets easier too.
muhhuh@reddit
My folks are good. They were fortunate enough to be helped a LOT by my grandparents, and they were dealt good cards. Mom is a retired teacher, dad did a few things. They were always very fortunate people who were able to save a lot toward retirement, and they are currently living on social security with a seven figure nest egg that’s just gaining interest. They don’t touch their retirement.
My in-laws, on the other hand, are relying on my husband’s oldest sister for housing and living expenses. Mom decided to retire early, and dad decided to blow all of his money buying new cars every year. They have not a pot to piss in. Oldest sister is currently going through chemo, so they’ve moved in with her to help her out, making her house home to not only the in-laws, but one of the other sisters, the son of the other sister, then the grandson of same sister from her other adult son who has children all over the place with different women.
So recap: my folks - fine. Don’t have to worry about them.
In-laws - living in a house with five other people, relying on cancer patient to survive.
Cali_Anne@reddit
JFC
olive_juse@reddit
Mom's okay but literally EVERYTHING costs like 4x more than it did like 5 years ago.🥀
Disastrous-Panda5530@reddit
No. I’m glad my parents thought ahead. They both retired at 62. They’re 65 now.
red286@reddit
My dad was a union electrician for the local power company, so he had a pretty good pension, decent retirement savings, and no mortgage.
And died of cancer 6 months after he retired.
On the plus side, my mom's fine financially.
WaitUntilTheHighway@reddit
Sure do. My parents deeply wish they could retire but made some terrible financial decisions over the past 20 years that really fucked them. It's been ultra rough on their relationship and overall happiness. Very sad.
taleofbenji@reddit
No but my grandfather died penniless after farming for 90 years.
He gambled it all away.
red286@reddit
My grandfather also had a gambling problem, but unbeknownst to his children, he was pretty good at it, and had about $3m in his account when he passed.
They all thought he lived in a trailer because he was flat broke, but it turned out he lived in a trailer because he only spent about 6 weeks a year at home, the rest of the time he was in Las Vegas.
sanosukecole@reddit
Such a sad disease. I have an uncle who burned every bridge in the family asking for money with lies. Gambled all of it. Doesn’t get to see his grandchildren now. At one point he was a millionaire.
TraditionalTackle1@reddit
My dad worked at a casino after he retired from the mill and oh boy does he have stories.
Weird_Squirrel_8382@reddit
My mom retired twice. The first from a government job with pensions, the second from a corporate job that got bought up, and the buying company paid all the older people to quit. I'm glad she's doing well.
My dad spent decades getting paid under the table to avoid child support. He's currently between girlfriends and sleeping on his sister's couch. Don't know and don't care what will happen when his face card declines and he can't use women anymore.
trustme1maDR@reddit
My dad was disabled starting in his 50s. My mom didn't work full time until I was in college and was basically forced to retire at age 69. They did not plan for retirement, and have almost nothing. Even their house was not worth much bc they didn't take care of it.
I've dealt with a lot of resentment around this because they need help and assisted living is crazy expensive. Them living with me or my siblings is not an option.
Apprehensive_Hat8986@reddit
Parents?!?! I'm that guy.
TraditionalTackle1@reddit
My dad worked in a steel mill and has a pension and his social security. My parents are one of the rare few that are doing OK. I however will more than likely be in this boat.
eastern_bird@reddit
Same here. My parents both worked public jobs, have pensions and excellent health insurance. Dad retired at FIFTY-NINE for the love of God. Now in their mid 80s and health issues are starting to catch up with them, but they had a solid 20 years of good retirement living despite not being especially wealthy and never attending college. It all seems like a fairy tale nowadays.
SeasonPositive6771@reddit
My father retired with full benefits and a generous pension at 54. He's now 74 and simply cannot understand that is completely out of reach for people my age. He kept asking me why I don't just get a job with a better retirement plan and better health insurance. I showed him how that doesn't really exist anymore and he just can't believe it.
He owns a large, beautiful home, and has never been in medical debt. Honestly he worked hard but not as hard as I have and I live in a small apartment and have been in medical debt pretty much my whole life.
vand3lay1ndustries@reddit
I’m sure he’s planning on leaving all that wealth to his children as well. /s
SeasonPositive6771@reddit
Like most Boomers, he's going to have to spend it all, including selling his house, on end of life care. No one really anticipated how expensive that would be.
Jonestown_Juice@reddit
Except the companies providing those services.
TraditionalTackle1@reddit
My dad was forced to retire at 50 due to downsizing but he got a cake job doing security at a casino. They have spent the last 10 years traveling but their health is starting to decline as well.
No_Contribution81@reddit
My mom is in her mid 70s with no retirement savings even though she has made 80-100k a year for 30 years now. She still works full time. This is all thanks to her codependency with my drug addict/gambling addiction sister. She fully supports her and all of her children, what a mess. Take one guess who she's gonna rely on when shit hits the fan? It's gonna be a real tough conversation but I've been laying the groundwork the last few years.
ColdFIREBaker@reddit
My parents were both bad with money and had their share of life throwing them crappy curveballs that had an impact on their finances. When I was in Jr. High (Mom) and in University (Dad) they thankfully met my now-stepparents who are miraculously both good with money, and have steered them towards a much better financial position than they would have reached on their own. Thank goodness for my stepparents!
bloody_snowman@reddit
Dad retired at about 64 and my mom retired at 58. They are both doing well. Both worked factory jobs and invested a lot when us kids were out of the house in order to retire at a decent age. I plan to retire at about 58. I’m counting down the years.
GeetarEnthusiast85@reddit
My parents are retired and in decent health. However, it was very dicey for a while. My dad's the only one who put anything away and they constantly raided his 401k to fund business ventures that ultimately failed and down payments on homes.
I remember when they were in their late 50s, my mom would tell me he was going to start preparing to retire in 5-6 years.
5-6 turned into 10-15 because of their spending. He finally retired at 69 not because he wanted to but because his job was eliminated and he knew he wasn't going to be able to get another job of that caliber at his age. He was given a generous retirement package and they're doing well. But I do worry.
dallyan@reddit
My mom is 82 and in good health /knock wood 🧿. My dad passed a couple years ago. Financially she is doing ok. She can cover her bills and travel between the two countries she has citizenship in. She owns three houses so in some ways she’s house poor. One of the houses my brother lives in. One is a beach cottage that I hope to retire to. 😆 in our culture parents leave property to kids and if they can afford it they buy it for them while still alive. I always tell her to sell one of them if she needs the money but she wants us to have it.
blackhawksq@reddit
My mom passed right at 65. She would have been there but she lived her life there. So she would have been used to it.
I am maxing out my 401k and mine and my wife's roth and adding a little extra to a brokerage account. Assuming nothing horrible happens I'll be financially independent in 10 years and plan to retire at 62.
If you're not throwing 25% into retirement. You should consider checking out the money guy and start following the foo. Our parents didn't have the internet and have "didn't know better" as an excuse. We have plenty of resources to learn and the only excuse we have is we didn't plan, or "i didn't make enough money." Well let me tell ya, there are people making 200k feeling like they pay check to pay check because they chose to increase their life style and have large car and house payments. Take care of future you, no ine else will
BlacksmithThink9494@reddit
Im just waiting for the day the stock market crashes and wipes out all of our retirement accounts.
blackhawksq@reddit
It will and I suspect pretty soon. I think two things are going to kill it... AI will crash, and consumer debt has been overleveraged since the COVID inflation crisis. But just like in the .com and the 2008 crashes, it will take ,2 maybe 3 years, and it will be back to where it is. Your account will only be wiped out if you pull from it.
OR it won't come back. The American economy will completely crash and the global economy will soon follow. At that point, I won't be too worried about my retirement because I'll have bigger problems to worry about.
BlacksmithThink9494@reddit
Yes
BG_RIDER@reddit
Well said, I agree 👍
goofytigre@reddit
My parents both retired in their mid/late 60s. We were not wealthy but also not in the poorhouse. Dad lost most of his retirement in the wake of 9/11 and the dotcom crash, and Mom never really had any savings. They worked their asses off after that to build their nest egg back up to give themselves a chance at retirement.
They have to be frugal, now, and they live on a budget. They sold their home and bought a fifth wheel and now they travel the US & Canada for months at a time. They sacrificed their youth to raise my 5 siblings and me, so I've told them that I'll be upset if they don't spend every penny enjoying retirement before they pass. They deserve it and I hope it is a long and fulfilling one!
BlacksmithThink9494@reddit
One parent has been disabled over 20 years. The other has cancer and is now also disabled. I'm thankful they bought a house and paid it off before all this. But thats literally all we have left - a house to take care of them in. Caregivers come in and think they have money because it is now in a nice neighborhood and technically worth an average amount in our state. But when they bought it it was in the boonies.
SeasonPositive6771@reddit
Yeah, there are a lot of people in this thread that make decent incomes and don't have any serious setbacks or disabilities who seem eager to blame people for "not preparing." Sure, sometimes that's the case, but often it's not, just as you describe. I've had several serious health conditions due to a genetic disorder and twice in my life I've had to spend basically every penny I've ever saved just to stay alive. I've restarted my retirement savings of course but I'm still behind comparatively.
BlacksmithThink9494@reddit
Exactly. And our generation happens to be strapped with taking care of kids/sending them to college while also taking care of parents - something our parents never had to do. It will always be such a wild take to place blame on the poor or disabled instead of asking how the rich are getting richer (extracting revenue through legislation) and the poor are increasingly becoming a larger part of the population. People cannot afford homes yet PE holds an astonishing amount of private homes in their portfolios. Rent and home costs are both not coming down because people want to extract the maximum from everyone, not charge reasonable equilibrium prices. So we all hurt for short term gain for a very small few. Dont worry, the elites are coming for their share too. Waiting for the stock market crash so the very wealthy can buy retirement accounts for a fraction of what we put in while also removing our social security.
Ozzdo@reddit
My parents are the opposite. My father served in the army, went to college on the G1 bill, and then worked for the VA for 40+ years. His pension is ridiculous. He's still making 6 figures in retirement, and should he pass before my mother, all of that transfers to her. They're set.
This feels more like my future. I'm barely scraping by, and am putting everything I can into my 401K, IRA, investments, etc., and I still don't think it'll be enough to live even half as comfortably as my parents. I see a financial advisor, and he's telling me I'm doing everything I should be doing, but it doesn't feel like I'm making a dent in anything.
Mike__O@reddit
No. My dad worked his fucking ass off his whole life starting with pretty much nothing, built two businesses and is living comfortably in his early 70s now. He's not wealthy, but he will be just fine for the time he has left. We lost my mom a couple years ago (married 41 years), so he's adjusting to his new life without her.
As a side note-- it's amazing to see how many people who have parents who totally fucked their own lives and now rely on their kids, only for their kids to now be making the exact same mistakes. There's a lot more generational poverty than there is generational wealth, and a huge amout of it comes from terrible decision making when people are young and in good health.
gatesartist@reddit
So you're telling me I shouldn't buy that third jet ski?
/s
Mike__O@reddit
If you can afford it you can buy whatever tf you want. The problem is with people who are our age (40 =/- 5 years) with a six-figure negative net worth because they're leveraged up to the eyeballs. They've got car loans for them, their spouse, and maybe even a kid, plus a house that was always way bigger than they could afford, plus jet skis, ATVs, boats, etc all with maybe a few grand in a retirement account.
I know quite a few people making well into the six-figures who are living paycheck to paycheck because of the choices they have made. As soon as the income slows, they're screwed.
THAT'S how you end up with nothing when you're too old/broken to work anymore. We're statistically in the best earning years of our lives right now. If you don't have AT LEAST 2x your annual salary (or peak expected salary before retirement) saved in retirement accounts at this point, you're substantially behind for our age.
BG_RIDER@reddit
I agree 100%
Merkela22@reddit
Haha no not my parents. They both have great pensions. Mom retired at 55. Dad retired at 68 only because he wanted to keep working; he could have also retired at 55. Dad and stepmom are traveling the world having the best time, pulling up the ladder behind them as they go.
CubesFan@reddit
Gotta love all these old people who spent their entire adult lives voting against taxes, against social security, against universal health care, against childcare, against schools, etc.
zoey8068@reddit
No clue what my Dad does but I know he has a military pension so he is probably fine, but I hope everyday is difficult for him. My mother does okay but we have to help her a lot. My middle brother is very well off so he helps her financially but she is one injury or bad decision away from living with us.
And yes I'm in therapy.
seamonkey420@reddit
both of mine got very lucky in that they were farmers and the land value increased by 1000x. they have since passed though.
me? i'm trying to retire as soon as i can financially do it. i was my mom's caregiver the last 5 years of her life (dementia) and the amount of people in their late 60s/70s i've seen pass away before they retired made me change my tune. main thing, reduce one's monthly bills/expenses.. buy quality items that last.. skip that fancy ass coffee you can make 6 pots of coffee w/normal grounds...
i plan to retire by 55 if not earlier.. fuck working your whole life.. i guess some people in life need to work to find purpose but me.. no thanks.
BillTheConqueror@reddit
My dad could have retired financially speaking in his 50s but still owns his own franchise restaurant business and goes to his office for a half work day almost every day at 76 years old. He only spends money on traveling a couple of times a year and has a much nicer truck than he really needs.
fraghead5@reddit
My parents were smart and bought a 3 family house as their first house back in 1980 after coming to the USA and saving as much that they could for several years, and lived in it till they died, it was paid off and the rent coming in from the other 2 floors added to their social security and affoarded them a comfortable retirement until they passed away.
They came from Spain in the early 70's and had a 7th grade education between them, but they worked hard saved every penny and it paid off for them.
Mike__O@reddit
Stories like this are what infuriate me about so many people born in the US. They pretend they're at such a disadvantage and the world is out to get them and they have it so hard and blah blah blah. They have no fucking idea how good they have it just by virtue of being born in the US in the first place.
I grew up in South Florida, so I was surrounded by immigrants who fled communism in Cuba. They showed up with nothing beyond what they could carry in a suitcase, and maybe less if that suitcase got lost along the way. They busted their ass and took nothing for granted and made a life for themselves and their descendants.
Big tip of my hat to your parents. Sounds like they did it right.
fraghead5@reddit
My parents came from Spain to the US with my older sister in the early 70's they died in the 2010's, they never once went to the movies in the USA, they ate out very rarely, they made smart choices and paid off their house and had another 4 family house they bought with my uncle that worked otu well for them. They came to the US legally and were legal green card citizens, they paid their taxes on time, they taught me and my siblings the value of hard work.
NW_Forester@reddit
"I may have a degree in mathematics but that doesn't mean I am financially literate".
Oof, that's rough. I don't get what it is about money that make people think different rules apply to it than any other number. My parents never combined made $100k but they have over $1M in their retirement accounts, and they didn't start saving in earnest until their late 30s. And being married they both collect social security. Since they have no house payment or have to save for retirement they are doing better in retirement than when they were working.
mareimbrium53@reddit
My dad passed in 1991. My mom is 67 and is planning to work until she dies. She had a rough life, but we love her very much for what she did for us so she's just going to live with one of us until she dies. She has lived with me, she lives with my little sister right now, but my brothers help her financially too. She sacrificed so much. We tell her we're her retirement fund.
IlIl0lIlI@reddit
My parents are retired, they are just living very modest lifestyles, and 1 of them is relying on the kindness of others to supplement.
Both of my parents live in low cost of living areas and rely on social security primarily. They divorced and remarried, so their social security benefit is much different.
My father (78yrs) gets somewhere around $2800/mo from SS. Hes worked full-time his adult life until about 70, and managed to work part-time up until this year. I don't think he'll be able to do that anymore due to health, but their house is paid off and thankfully his wife can now draw social security as well. I know her benefit is less, but I'm not sure how much less. They live a zero frills, but comfortable lifestyle.
My mother (69yrs) gets about $1000/mo from SS. She only earned wages sporadically during her adult years, and the man she married mostly worked for cash and did not pay a lot of tax, so her benefit is very small. Thankfully her husband left her a fully paid off house, though it is in troubling condition. She relies on her church to provide a lot of the food she needs, and sometimes labor for household repairs. Her children, including me, provide money occasionally when something big breaks (vehicle and heat pump were my last 2). I've been hearing her say she doesn't know how she will make it, followed by God will provide, for many, many years now. At this point it's whatever.. we are a bit numb.
Disclaimer, I didn't watch the video so, I'm assuming from the screencap it's about parents too broke to retire. Downvote to oblivion if needed.. I just like to vent about my mother's lack of preparation for retirement.
YinzaJagoff@reddit
My dad was a machinist who refused to learn CNC and his place of employment closed when he had 23 years in, so he got a partial pension from that, but had a hard time finding another machinist job that paid nearly as well.
He had no retirement savings and my mom hasn’t worked since 1981, so he died less than 5 years after retirement (after working since he was 13) and my mom is in $178k worth of debt, lives in the middle of nowhere without a car, and refuses to change or admit fault so I don’t talk to her anymore.
Stubborn boomers indeed.
Thank you for listening to my Ted Talk.
AcadianTraverse@reddit
My parents both retired in their early sixties and have made the absolute most of it. They've travelled the world, slowed only by COVID, and picked up new hobbies and stayed as active as possible. They're slowing down a bit now in their mid 70s, but still just got back from a 4 week trip to the Azores, Portugal, and Spain.
My wife's parents are similar.
It's delightful having great examples of how happy and rewarding a retirement can be!
IdioticPrototype@reddit
Parents?
As a child, my parents had no idea where I was. As an adult, I have no idea where my parents are.
¯\_(ツ)_/¯ Not my problem.
Grunblau@reddit
I am hoping we have the Soylent solution in place soon…. I’d like to be shown daffodils and sunsets while the final solution / flavor additives course through my otherwise perfectly functioning veins.
Having run out of proof of worth…
LegallyRegarded@reddit
mom still looks like shes 50. gardening and waiting tables part time. dad looks like hes got 10 years left, and he parties like a teenager. retired with a pension living in an RV, scooting around the lower 48. *
FoppyRETURNS@reddit
My father waa just bad with his money. He's not alone.
StillhasaWiiU@reddit
Dad died by had good insurance, mom's doing okay... now.