Traditionally, retiring entails leaving the workforce permanently. However, experts found that the very definition of retirement is also changing between generations....
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.
The argument of people being ‘better off’ now is that technology is better and more available. It is much cheaper to buy a big 4k flat panel tv now than a black and white tv with four channels and no remote back in the 50s. We have the Internet, smartphones, better health care, video games, music, streaming services, cheap air travel, food from all over the world, robot vacuum cleaners, air conditioning etc. etc.
What we don’t have so much of is cheap housing, good secure jobs, any reasonable degree of income equality etc.
What the hell is this shit? Instead of pushing for the return to traditional pensions, capitalism is celebrating the idea that Millennials and Gen Z may simply never be able to stop working. ( www.cnbc.com )
Traditionally, retiring entails leaving the workforce permanently. However, experts found that the very definition of retirement is also changing between generations....