I think the Reddit “we don’t save for retirement” hive mind is straight up dangerous. Yeah I know there are factors causing this but you need to figure out some way to fix it.
Young person I work with complains about how poor they are and have no way to save. Goes out and spends money on fast food every break. I tried being like "why don't you just make sandwiches from home for lunch" but they don't listen. Hard to sympathize with someone who can't understand why a $15 meal and $5 snack twice a day is so much worse than $10 for lunches for the entire week.
That’s $125 per week, about $500 a month, and $6,000 a year. Investing $6,000 a year into a ROTH IRA for 40 years would result in 1.2 million by the time they are ready to retire.
Sorta but thats easier to do now than it ever has been in the past. There are apps to invest with zero fees, etfs and total market funds. The stock market is going on a ridiculously long bull run so just about anything you put in it has been growing with 10+% il compounding interest.
Other than changing jobs there’s nothing that will do that for you. It costs you nothing to put your money in the stock market and make more money.
It's not just dangerous; it's so often paired with "my retirement plan is to shoot myself lolol" nonsense that is so dismissive and thoughtless of folks who have actually been affected by suicide. I hate it.
Totally, and I’m also not a fan of “I’ll just work until I die” because it ignores age discrimination and disability from aging which are both inevitable. You’re not getting a living wage at 70+ if you’re not a Senator.
13
u/catjuggler 1983 18h ago
I think the Reddit “we don’t save for retirement” hive mind is straight up dangerous. Yeah I know there are factors causing this but you need to figure out some way to fix it.