Those Retirement Dreams? Sorry Gen X

"100 years from now most of our jobs could very well be automated, then where does that leave us?"

Dead.

I won't worry until the machines can engineer, code, build, and maintain themselves.

^ oh by the time it happens all of us will be long gone, but I could see one person looking over 5 machines that do the work of 20+ humans.

Surgery, auto repair, auto manufacturing, pilot, grocery shopping, driving/deliveries it could all be automated one day. Yikes!

The bonus of this manning has shifted onto the individual where as boomers had automated pensions to have it planned out for them. I am one of those gen X ers who thankfully planned from early on to contribute to a 401k and IRA diligently before spending on tits and ass (and cars and clothes, etc). After 30 years in the workforce my multiple income streams allows me to retire on about the same amount as someone who had a 30-40 year pension. Same result, just a different mode. Companies definitely are offloading any responsibility to plan back to the individual, so I feel that if a gen X complains about not being able to retire, it’s on the individual. The shift to individual planning for themself was happening since the late 90s, and you’ve had plenty of time to adjust.

No matter what time in history, people have always complained that the cost of living is too expensive to allow room for saving and investing. That’s a bullshit cop out. I’ve always lived way below my means and never cared what people thought of the way I dress, what old car I drove, or living in a modest home. My biggest flex is driving a paid off car and living in a mortgage free home with millions invested in my retirement plan. I still live like i just got out of college, except when I go on vacations or buy stuff for my kids, I spend guilt free no matter how frivolous it is, because I have proactively skimped and saved up over a lifetime. The greates flex is accumulating wealth and having everyone believe you’re a broke ass PL, because that brings peace no one else can deliver.

Sorry for the lecture. To each his own. If wanna buy those flashy rims for your car, lift your truck, buy that necklace and go on destination vacations, have at it. Yet this gen X dude grew up occupying his time getting together with friends at the ballpark, gym, football field and figured out how to have fun without the need to spend $$. It appears recent economic indiciators are showing young people are trading down their hobbies to more simple purchases, cooking at home and avoiding take out and restaurant services. I was lucky to go to Burger King/mcdonalds 2-4 times a year when I was in my 20’s. It’s definitely a change in mindset a generation ago.

Fucking auto correct ^^ should be “the honus of this planning”

Another thing is that if this generation X is not prepared for aging on the back 9 of their life, how do you think the generation after us will fair. Millenials and gen Z will face increasingly exponential costs of living and will be priced out of buying homes and even a college education. If they don’t have mommy and daddy helping them out, then they’ll be left economically far behind. My kids probably won’t appreciate their parents until they’re in their 30’s and 40’s, when I am in assisted living paying for my own care and helping them with down payments to their first home, or getting them ready to inherent the family cabin in the woods.

^ you just said the exact opposite of the article and it makes complete sense.

The company I work for has no retirement plan so I had to navigate that on my own. In the long run (like you said) that’s probably better. Pay me more, I’ll take care of my future on my own.

Most days I go into the grocery store and I see workers (men and women) my age doing these remedial jobs. One case I feel bad for them (because I don’t know their personal situation) but on the other hand I think “hey there’s other ways you could forward yourself to a better income.” This article stood out to me as to their situation and how many have prepared well, but a crash in the market can take a huge chunk out of a lot of people’s retirements that do not have multiple investments/income streams.

Lastly, Mate, you mentioned even though you can afford it doesn’t mean you have to buy it. Fatal mistake I see so many millennials and Gen X make.

I have generation X cohorts (family) who’ve said for over a decade ago “I’ll never be able to retire”, and in the mean time they moved to the coast and drive new cars, take their 3 kids on vacations all over to Disneyland while they attend private schools. I looked at them funny when they said it, but now when they say this again I simply tell them “I believe you”. This couple is a two income professional family making $300k annually.

I know I can get rather judge mental when it comes to this topic, keeping in context that personal finance is simply a personal choice. To each their own like how much you spend on strippers. The only thing I don’t want to hear is complaints from any generation how the world treats you unfairly, when you got a lifetime to figure it out. Whoever said the person that can adjust and make changes in life are amongst the most intellectual elite, is spot on. You have to adapt to the ever changing world or else you’ll be left behind since the system is designed to set you up to take your money, health, and mental capacity. I am not a fan of Dave Ramsey because he pedals either wing MAGA bullshit and is a righteous religious freak, but he has a saying about keeping up with the Jones’s, meaning people buy and borrow to buy stuff to impress people who are strangers. There are more millionaires who are public servants making nominal salaries way less than $100k, so you don’t need a six figure salary to get rich. Just steadily save and live below your means. You can probably gain prosperity by starting your mown business and creating wealth that way, but the majority of small businesses fail, so if you’re playing the odds you’re more likely to succeed by earning a modest income and saving, instead of trying to swing for the fences.

FYI: I believe the path to financial freedom is owning your own business, but I’m doing it after 30 years in corporate life, just so I don’t have the pressure to succeed. Trumps rise to popularity has a lot to do with the dying of the American dream as he has placated to the feelings of his MAGA followers, except he has gaslighted every MAGA voter in thinking he has their back, but he only is looking out for corporate greed. We got both sides of the same coin when we went from Biden to Trump. Both are lining the pockets of the elite. This market crash and stagflation will only serve the wealthy to purchase more appreciable assets at a lower price for future gain. Those who can do, so save your money and buy during this downturn which will last a few years, especially if the Trump tax cuts expire after this year. Rant over….

@Mate27 - You must be a pretty early X-er. I'm on the late ass end of X and I see myself as have more working years left than I have spent (considering undergrad and grad school), and that doesn't count the side hustles I do that I don't expect to stop until my mind goes kaput.

I live in an expensive ass area and definitely allowed myself some lifestyle escalation. I'm not living in a $1,000 a month apartment with roommates like I did in grad school, but I'm paying less in mortgage and maintenance than the last apartment complex where I lived thanks to a great rate. I drive a long paid-off econobox sedan. I've made some great individual stock investments but mostly let it ride in index funds.

I got laid off from my corporate job last year and the job market has been a bitch, but I saved and invested to ride out storms like this. In the meantime, I've turned a couple side hustles "main." A couple of them are mega long shots financially, but one might fully replace a corporate job if it blossoms. Basic stoic philosophy says focus on what one can control.

Maybe I'm chauvinistic here but I believe Gen X is going to save America.

Boomers played the game on easy mode; climbed the elevator of post-WW2 prosperity and never sent it back down. Millennials got fatalistic and whiny. Gen Z is even worse, they can't deal with being "deadnamed" or "kinkshamed" or told "you're not really a dolphin" without spiraling into insanity.

Thankfully some say Generation Alpha is showing some signs of virtue.

Roth 401K is an absolute miracle for today’s workers. I would much rather have that availability than an old-fashioned pension. Pensions kept people working for the same company as they were fearful of losing them. Often these companies changed drastically and were held to work for. Remember, S&P 500 index funds and $100 per month from age 22 until retirement equals $1 million. $300 a month, $3 million. It’s really that simple, people simply need to educate themselves and take some responsibility!

Mate im curious on your comment “There are more millionaires who are public servants making nominal salaries way less than $100k”. How did they become millionaires while being low paid public servants.. did they start side businesses or invest in stocks? Or are you referring to politicians who gained money from lobbyists or speaking fees.

@RMD - Most "millionaires" are middle to upper middle class who lived well below their means and invested frugally. "Millionaire" doesn't drop jaws like it used to, but a lot of the doctors and lawyers living in McMansions and driving Mercedes S-classes are neck deep in debt and technically of little net worth.

Ricky-D, these millionaires are used to living frugally and never flaunt their wealth because they had average paying wages and couldn’t afford to flaunt anything. Personal finance is 95% behavior to attain success, the other 5% is earning a paycheck. Steady and slow wins the race every time and people who are in professions that are processed oriented, think teachers police and for fighters or even accountants. They understand life is a process and follow the rules and you will win in life. Try to get rich quick and you’ll crash and burn quick.

I really should have established a Roth IRA when they first made that opportunity available. but that would have required discipline. I'm pretty short on that.