"Climate Change" and Retirement

[Ben]

Apparently one of the main reasons younger people now give for not setting aside money for retirement is because the Earth will be destroyed in 10 years. While I guess I'll be dead by the time these people hit retirement age, I sure would be curious to see what the younger generations will say about them not having saved any money on an Earth that's still here and chugging along.

https://www.fool.com/retirement/2019/05/26/the-surprising-reason-younger-workers-arent-saving.aspx

[dm1333]

According to that article $300 a month for 40 years, 7% return adds up to $719,000.  One $3 coffee a day less.  Maybe skip grub hub once in a while and get it up over a million.  What I would give to be able to go back and talk to the 23 year old me.   

[Ben]

According to that article $300 a month for 40 years, 7% return adds up to $719,000.  One $3 coffee a day less.  Maybe skip grub hub once in a while and get it up over a million.  What I would give to be able to go back and talk to the 23 year old me.   

Now you've done it. The AOC team will shortly be at your front door for daring to tell people to live within their means.

[Boomhauer]

I strongly suspect the .gov will try for a retirement fund grab in the future to “spread the wealth”. The generations that used pensions/IRAs/401ks is dying off and so many people nowadays are in jobs that don’t have any kind of offered retirement or benefit plan that saving for retirement is a foreign concept (yes I know you can get an independent account but they don’t even consider it existing)

[Ben]

I strongly suspect the .gov will try for a retirement fund grab in the future to “spread the wealth”

Quite possible, and extremely infuriating regarding the entitlement mentality. The people that the article is talking about are not $8/hr workers. They are people in at least decent paying jobs that are refusing to save money because "climate change". The AOC, "I need $20 lipstick but screw paying back my student loans" crowd.

[Brad Johnson]

According to that article $300 a month for 40 years, 7% return adds up to $719,000.  One $3 coffee a day less.  Maybe skip grub hub once in a while and get it up over a million.  What I would give to be able to go back and talk to the 23 year old me.  

Math check. $3 x 30 is $90.

I had a pretty fair nest egg going by age 30 but ended up having to liquidate most of it when my ex spent us into near oblivion.

Brad

[dm1333]

Math check. $3 x 30 is $90.

I had a pretty fair nest egg going by age 30 but ended up having to liquidate most of it when my ex spent us into near oblivion.

Brad

Damn this new fangled math!

[Kingcreek]

I had a pretty fair nest egg going by age 30 but ended up having to liquidate most of it when my ex spent us into near oblivion.

Brad

My first wife and the subsequent divorce cost me everything I had at the time
but it was worth it.

[charby]

"I need $20 lipstick but screw paying back my student loans" crowd.

Probably the reason why they aren't saving towards retirement, not the climate change excuse.

[HankB]

IMHO the "climate change, we'll be gone in 10 years" argument is absolute bovine excrement - and the people giving that as a reason know it! They're just trying to rationalize their need for immediate gratification by pretending to have a politically correct liberal eco-mindset. In actuality, it's because saving for "the future" would interfere with their lifestyle in the here and now. And of course, if the world DOESN'T end, they can vote for someone who promises them that they'll be taken care of.

I've known a number of highly educated people with good (>$100k/year) jobs, often DINKs, who spent every last penny they had coming in so they could have a big house, a lake cabin, a Mercedes and a Lexus, a cleaning lady, and a daily Starbucks habit. But at least they didn't try to curry favor with various leftists by pretending to buy in to some climate or social justice nonsense as an excuse for not saving.

[Perd Hapley]

Impending disaster is actually a pretty good reason to save and invest. Do these people think material possessions or money will be somehow useless when there's a shortage of food or water, or whatever it is they're expecting?

[brimic]

IMHO the "climate change, we'll be gone in 10 years" argument is absolute bovine excrement - and the people giving that as a reason know it! They're just trying to rationalize their need for immediate gratification by pretending to have a politically correct liberal eco-mindset

Afterwards, with overwhelming numbers, will elect socialists to forcefully steal money from those who did save. Note, I did not say ‘redistribute’- they are too dumb to realize that ‘redistribution’ in any meaningful firm only goes to those in power.

[dogmush]

I strongly suspect the .gov will try for a retirement fund grab in the future to “spread the wealth”. The generations that used pensions/IRAs/401ks is dying off and so many people nowadays are in jobs that don’t have any kind of offered retirement or benefit plan that saving for retirement is a foreign concept (yes I know you can get an independent account but they don’t even consider it existing)

IMHO this is what will kick off a traffic jam of Killdozers.  I know personally, if I looked at my nice comfortable retirement being stolen to be replaced with a much less comfy life on the dole so folks that didn't save can eat, I'd be at the shooting folks stage.  Why linger on for years on .gov cheese when they stole, literally, my golden years?

[zxcvbob]

IMHO this is what will kick off a traffic jam of Killdozers.  I know personally, if I looked at my nice comfortable retirement being stolen to be replaced with a much less comfy life on the dole so folks that didn't save can eat, I'd be at the shooting folks stage.  Why linger on for years on .gov cheese when they stole, literally, my golden years?

Same here.

[bedlamite]

IMHO this is what will kick off a traffic jam of Killdozers.  I know personally, if I looked at my nice comfortable retirement being stolen to be replaced with a much less comfy life on the dole so folks that didn't save can eat, I'd be at the shooting folks stage.  Why linger on for years on .gov cheese when they stole, literally, my golden years?

This.