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Wren@lemmy.today

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oh no my moths (lemmy.today)

submitted 2 days ago by Wren@lemmy.today to c/BrandNewSentence@lemmy.today

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[–] Eheran@lemmy.world 11 points 2 days ago (3 children)

2x only? At 35? How does that help with retirement? Sounds FAR too little.

[–] zikzak025@lemmy.world 14 points 2 days ago (1 children)

I think the expectation is that you will retire at 75 and die by 80, so having 5 years of salary to fade into oblivion with sounds nice.

And better to have just a bit extra, too, so that your leftover funds can pay off all the medical debt incurred while dying so your family doesn't inherit it.

[–] Jax@sh.itjust.works 5 points 2 days ago (1 children)

Fuck it really is bleak, isn't it?

[–] Einskjaldi@lemmy.world 6 points 2 days ago

This includes the people that died in their 50s and 60s and only worked their entire life with no vacation

[–] Pogogunner@sopuli.xyz 11 points 2 days ago (3 children)

Rule of thumb is 1x at 30, 3 times at 40

As investments get larger, they reach a "boiling point" where they build up much quicker.

This rule of thumb is meant for someone retiring at age 65

[–] FireRetardant@lemmy.world 7 points 2 days ago* (last edited 2 days ago) (2 children)

I bought my first house at 30 how tf am i supposed to also have had enough money to have a whole years worth of pay saved. This may have been great advice 10 years ago, and is probably still great today, but seems unreachable for a significant number of people.

[–] LwL@lemmy.world 2 points 1 day ago

The house is a form of saving and investment, the value of that minus the debt would count for these numbers.

[–] Whostosay@sh.itjust.works 3 points 2 days ago (1 children)

How?? You didn't just take a nickel from the couch cushions and pay for an entire semester of college right before driving your $500 dollar NEW luxury vehicle to buy your 3rd house for 10k?

Kids are so lazy these days

[–] Asafum@lemmy.world 5 points 2 days ago (1 children)

Seriously... I have a coworker like this. He's in his 60s and talks about the numerous properties he owns and rents that he bought decades ago and asks me why I don't do it...

Motherfucker we're underpaid factory workers, how the fuck am I supposed to get $500k and who the hell is going to rent that house at the price I'd have to set for rent? Just because you got your houses for ~90k back then doesn't mean I can now...

[–] Whostosay@sh.itjust.works 6 points 2 days ago

It's insane. I have clients all the time tell me "oh you should travel more" yeah I'll get right fuckin on that

[–] SmokedBillionaire@sh.itjust.works 2 points 2 days ago

"retiring at age 65"

Hah! I'll be dead long before I retire.

[–] Not_mikey@lemmy.dbzer0.com 1 points 2 days ago (1 children)

Is that rule of thumb for retirement savings or savings in general?

[–] Pogogunner@sopuli.xyz 2 points 2 days ago

Retirement savings specifically

[–] Wren@lemmy.today 2 points 2 days ago (1 children)

It is. You need at least six moths.

[–] tomenzgg@midwest.social 1 points 2 days ago (1 children)

Nice; there's definitely way more than just 6 moths around where I live.

[–] Whostosay@sh.itjust.works 3 points 2 days ago* (last edited 2 days ago)

Go ahead and gloat about all of your moths while we all talk about not being able to retire. What an asshole

Btw, can I borrow two moths? I'm trying to catch the bus to get home