• NeptuneOrbit@lemmy.world
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    2 months ago

    18-34? Yeah I am pretty financially fortunate and literate and I did not start saving for retirement until 24

    And only pretty recently did my budget really have room and a salary big enough that 10% was a chunk of change…

    But yeah 1/3 of their age range here generally will not be saving for retirement because they are likely students and/or minimum wage workers. If you make $12/hr at 21 it’s basically inconsequential if you are putting $800 a year away toward retirement.

    I just punched it into a calculator. $100 a month, 6% interest and 3% inflation, for 40 years nets you $60k of buying power at retirement.

    • The_v@lemmy.world
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      2 months ago

      Same math I figured out.

      At the same time my student loans were at 8% interest. Guess who cashed out every 401K as I changed jobs every couple of years early in my career. I used it to pay off student loans and purchase my first home.

      The sad fact is that it’s expensive to be broke. If your debt to income ratio is high, creditors fuck you over. Paying down those student loans has paid me back several times over in lower interest loans for cars and our mortgage

      I didn’t really start saving money until after I was 30. To be honest I really didn’t start making a decent wage until I was 35. To put it into perspective, I put more into my retirement account per year now than I would have in 5 years from 20-35 years old.

      • TubularTittyFrog@lemmy.world
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        2 months ago

        I lived like a pauper from 18-33 trying to give myself a good financial baseline.

        Most of my peers just made fun of me for being ‘cheap’ and saying no to expensive vacations, fancy cars, and living by myself.

        Now I’m living by myself and comfortable and I can afford some luxuries, they are ‘struggling’ and all i hear is that it’s ‘because of your white male privilege’. F them. They grew up being greedy pigs and now they are paying the consequences and I’m living well.