Traditionally, retiring entails leaving the workforce permanently. However, experts found that the very definition of retirement is also changing between generations.
About 41% of Gen Z and 44% of millennials — those who are currently between 27 and 42 years old — are significantly more likely to want to do some form of paid work during retirement.
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This increasing preference for a lifelong income, could perhaps make the act of “retiring” obsolete.
Although younger workers don’t intend to stop working, there is still an effort to beef up their retirement savings.
It’s ok! Don’t ever retire! Just work until you die, preferably not at work, where we’d have to deal with the removal of your corpse.
Not enough income to live indoors, but income nonetheless
I know places in the us where it is enough. Towns with populations of 500 are generally cheap. Not much to do in them.
You’re right. In a 1 bedroom in a rural city in a low cost of living state living as a freegan who never needs anything like medications you might be able to live off that.
I for one think that the situation with social security is that my parents and grandparents took one of the best things my country ever did, robbed it blind, and pissed all over it. Fuck. That. Shit.
And yeah I’m prepared to work the rest of my life until I get too old to work and then die homeless. That’s not what people should live like. We had something beautiful and let it fall into disrepair
I said you could. That you wouldn’t want to is my point.
Let’s say optimistically that you die at 70. That’s 30 years living on 300k, so 30k per year on rent, food, utilities and medical. You could live indoors for that amount in some parts of America in 2023. But what about in 2053? Inflation could have a huge impact on your cost of living and if you’re already living close to the bread line it’s hard to find savings anywhere. You could put your money in stocks but likewise you’re at the mercy of the market. It might be fine but if the market tanks when you’re 65 you could be in big trouble.
$300k ÷ 30yr = $10k/yr
To put it in perspective, working minimum wage ($7.25/hr) full time would earn around $15,000 in a year.