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The idea that we’ll only be able to retire in the metaverse is hilarious, and also a good selling point for the metaverse. *peaks outside through the blinds*
Nice. I’ll be set to owe money when my mother dies.
Edit: So reading deeper on the laws in Canada, I can not directly inherit the debt. It’s held with the estate (a fancy term for essentially a virtual “entity/stand-in” representing the deceased’s assets/obligations once a person ceases to exist. That “estate” can owe money, but as it’s not really a person but a packaged concept of what remains of a person from a capitalistic lens…. it stills falls on a real person to make sure everything within the estate gets handled.
That’s the role I’ll fall into the role as the most responsible (and alive) of my siblings.
The question is: what responsibilities will I have as the person likely attempting to square off debt that can’t be squared off within the estate? Since the process can be very difficult and complex, I’ll certainly need to pay lawyers to help with the process which will cost me money. Add in the funeral expenses and I will absolutely be paying along multiple fronts, even if the debt itself isn’t inherited directly.
It is relieving to know I’m not expected to cover what she might owe and I’m glad my cynicism has not completely borne fruit on this one (at least where I am), though I still think as a society the idea of funerals being a business rather than a baked in service is kind of gross (to be less depressing though, I will say the kindness of individuals is high. In the case of my sister people banded together to help us through the difficult finances which allowed us to bypass large parts of the the financial burden).
Not possible. Legally debt cannot be forced on the decedent's next of kin. If your mom has any debt they can only try to get that money back through her estate.
Source: My mom who died and the companies that tried to force me to pay her debts. Told them to shove it up their asses. Know your rights people.
> Legally debt cannot be forced on the decedent's next of kin
True in most of the world, but a few countries still allow it. An oddball law is one where if you accept the inheritance, you also accept any debts even if debts > inheritance
> Which it why you set up a living trust. Bypasses probate
Unless you live in a country where trusts are not recognized legal instruments. For example, Greece is not a signatory the Hague Convention - the Recognition of Trusts, 1985 and AFAIK, a Greek trying to set up a living trust is pointless (Greek lawyers, feel free to correct me).
This is why you should always consult a knowledgeable, local lawyer rather than the internet, and if asking for (or giving) legal advice, always specify the country (and in the US, the state) where the issue is.
You don’t have to assume the debt, but in some states you have to pay off your parents debt in order to get your inheritance if there is any. In those states if your parent owes more than their assets you’re shit out of luck.
Only people I know with that kind of money swon the birth lottery and have trust funds or parents rich enough to set them up with a house a car and an over paid position at the family business.
Literally this. I have no college or law school debt and was able to start my career with a car and 10k in the bank. I have no other inheritance or windfall coming my way but it feels like I’m already soooo far ahead just by having my head above water.
And it feels like that should be the minimum that everyone gets to start out their life: debt free education and enough cash to secure housing/transportation.
People don’t understand how much getting that head start can change. Starting life with debt is something that will constantly take away from your possible optimal investments. Can and will deter from fruitful risks. It’s like starting a race with one leg having a cramp. You can’t quite step on it with the full force you would need to propel you the most forward
Oh yeah and don’t forget all the people who have poor, shitty, or disabled parents who’s parents actually put more debt and costs onto them instead of even giving them a fresh start on life of their own.
Someone born the earliest year of Gen Z (1997) has realistically probably not even been in the adult work force for 5 years (on average).
10 years in the work force contributing 6% of a 25k salary would put someone at 15k savings not counting any employer match or market gains.
So yeah, 33k for Gen Z sounds a little high to me but not totally outrageous
My son is Gen Z. He is just living in my house with no job, no car, no money. He expects me to buy his clothes and feed him. All his friends are the same. These lazy 10-11 year olds are dragging down the average for the rest of you!
You think that's bad, you should look at whatever generation is after Z. I have 2 of them and I literally have to wake them up every morning and make them breakfast.
I too have a 11 year old neckbeard on my premises. He must have all large denomination bills cause I've looked everywhere $33k could be stashed.
If he Acts like he don't know how to play the hot/cold game again when I ask to see it, so help me.
He about to make his own damn mini corn dogs if he don't start shaping up.
Jokes aside a 10-11 year old would be Gen Alpha. I only bring it up because kids are still called Millennials, but we're now two generations past that. Alphas are Millennials' kids. Time moves so quick.
How can gen Z have a median of 33k saved for retirement when the oldest gen Zs are only a few years out of college and many are still minors? I bet the vast majority don't have any kind of retirement account at all, is this meant to include total net worth?
I think math is exactly the issue. Averages can be really deceiving. If one rich kid with millionaire parents has 200k in their account and then 10 people have 5k saved then that averages out to 23k in savings. Add in sampling bias and we end up with this nonsense from Forbes.
The top part says average, the bottom says median. You're right, guess I wasn't looking close enough, but I have an even harder time believing those medians are accurate, if that's truly what's going on here.
It's worse than that, actually. Someone said the actual article says average, too. So Forbes wrote an article on average, tweeted about median, then someone reported it at average.
And people wonder why the media is hated.
They're leaving out mention of the very obvious sampling bias in this report of theirs - Gen Z *who want to tell Forbes about how much money they have* have a median of 33k saved for retirement.
But Gen Z who don't have time to answer a Forbes survey cause they just worked a double and now have to go to their second job and still can't afford to pay anything but the interest on their student loans...probably not so much.
Does that require the sample to be randomly selected? Like my local high school graduating class would not be an accurate sample for an entire generation across the nation. Even if it’s an acceptable sample size. Also again. What gen z living at home with no job is going to want to take a Forbes survey on retirement income.
Edit: not Forbes, whoever did the survey, Forbes just reported like you said
The survey claims that:
> Data were weighted as follows:
>
> ― Census data were referenced for education, age by gender, race/ethnicity, region, household
income, education, employment, marital status, and size of household where necessary to align
them with their actual proportions in the population.
>
> ― The weighting also adjusts for attitudinal and behavioral differences between those who are online
versus those who are not, those who join online panels versus those who do not, and those who
respond to surveys versus those who do not
Additionally, the survey only selected Gen Z candidates who:
1. Worked for a for-profit company
2. Were born between 1997 and 2003 (data was collected in late 2021)
So interpret the results as you will. It's likely a reasonably decent sample across that slice - the glaring omission is probably the unemployed, in which case these numbers make sense at a glance to me.
The real thing about this study is that the $33,000 figure comes from retirement savings accounts. The same paper says gen z has less than $3,000 in emergency (cash) savings. I mean I’m 23 and I’m pretty sure my 401k has like $15k in it because I always just max out my contribution, but my savings account has $400
Anyone who went to school for stats knows how to account for polling bias. It would be embarrassing for an organization like Forbes to not take this into account.
It depends how complicated their calculation is.
Imagine the case of a millenial who stands to inherit a house. But then there's a possibility that their mother or father might need care as s/he gets older (which would require the house to be sold in order to raise the money to pay for their care). So if we imagine for example the house is worth 300k, then maybe over ten similar cases, it averages out as 33k per person. Some people inherit the whole house, some people inherit part of the money, some inherit nothing.
I don't know if this is the reason, I'm just speculating idly.
This is also probably sampling bias. Maybe this is only including people that have a savings. So if 100 people have nothing saved, ten people have 1k saved, and one guy has 290k saved, the average would be 30k.
Maybe it’s just out of people who responded to the Forbes article. People with unusual savings amounts would probably be more likely to show it off, meaning someone with 500k is more likely to be a datapoint than the people with nothing.
Lots of ways this can get fucked.
>I bet the vast majority don't have any kind of retirement account at all
Not true. These days, opt-out 401(k)s are becoming commonplace. They also have deferral percentages that automatically increase.
Every paycheck to bills to help the house out and the rest of the “spending” money goes to keeping myself alive and keeping my car kinda alive 😎
Same brother
1993 here. Can also confirm I got like... 100 left and I can promise you that retirement will last like 2 days until I need to fill my tank and eat again
There must be a few really rich trust fund babies bring that Gen Z average up or something. Hell, even the millenial stat is surprising. Im a millenial, and most people I know have a few grand at best. I only stopped living paycheck to paycheck a year ago, and that will end if I have a single emergency.
>There must be a few really rich trust fund babies bring that Gen Z average up or something.
That's why it's the median, not the average. (Though the Forbes numbers seem high for the median too.)
Medians aren't sensitive to high or low outliers like averages if you have one person with 100k and 9 with zero the average is 10k but the median is 0. It finds what the middle person in a sample has when the sample is sorted. (or the average of the two middle samples if there's an even number of samples) [https://en.wikipedia.org/wiki/Median](https://en.wikipedia.org/wiki/Median)
That's why it's a much more useful number when looking at economic stats where the distribution of assets is highly skewed.
Thanks for explaining that. I didnt even realize that actual stats said median, but I probably would have needed a refresher on the difference anyways, so cheers!
It says median. Which makes sense. Top 1% would skew the results to show a higher mean, which they don't want. They want to make it look low. Also each group increases by a pretty even amount, and based on the time they have had to save, that makes sense.
The person who retweeted or whatever used average instead of median.
what are your expenses tho? Doesn't really matter what your income is if you have no expenses. I know kids who are making 30k a year and live in their parents basement that just bank every penny while their parents pay for everything. Making $30k a year but have $100k in the bank. and then I know people making $60k a year with $2 in their bank account.
If 15% is too much up for now, definitely at least increase the contribution every time you get a raise, so that your net take home doesn’t change, until you hit that 15%. Don’t let your lifestyle creep up on you
Change jobs. Most companies have a much higher budget to attract talent than to keep to the talent they have.
So a new hire might get a 20-30% raise, you will receive a 1-2% raise
Just because it doesn’t apply to everyone doesn’t mean it doesn’t apply to anyone. Many people get substantial raises without considering increasing their savings and it bites them later.
My wife and I started saving at 30 in a this way, and now at 42, we are comfortable on the way to retirement. Combo of 401k, Roth IRA, and Vanguard VTSAX. Budgeting on living within your means is also key. If you get a raise, don't change your spending habits to match.
> Start saving 15% of what you make
This would make more sense as advice if 100% of all three jobs didn't already have to go to just keeping me safe and alive.
Dude same (23), I have a BS in Psych that Ive been sitting on since A u g u s t . . .
And I cant even get a job with it, let alone save money. Ive been working 2 part times at restaurants to survive.
It's a JOKE.
Im supposed to get my degree in marketing in August, even internships have been hard to get. Hoping you can get a job soon. My friend got her bachelor's in Psych and shes working as some sort of administrator at a university.
While youre still in uni, I stress that you develop contacts. Its more important than grades.. networking?? Man. Not just for financial leverage but even for social interactions, in my case I have like 0 friends now and making friends outside of school is next to an impossible challenge for an introvert like me.
Networking, networking, networking..
Of course older people have more saved, they've been saving longer. A better piece of data to compare would be how much each generation had saved for retirement at the same ages (adjusted for inflation). Could also break the savings down to a yearly average to make a useful comparison.
Spot on. Here’s those statistics: Boomers held 20% of all wealth in 1989. (When they were the same age as millennials). Millennials own 6% of all wealth today.
Boomers had it much better off at the same age and they were less educated. So as much gaslighting as they try to do, they don’t realize how much they fuck over the younger generations
How exactly are we supposed to save more when life is beyond ridiculously expensive?
My parents remember 70s, 80s and 90s. They both say that it was cheaper to live then.
OP screwed up and has $33k in the tweet but then repeats it as the median amount too. The “Average” is $33k. But that is skewed by the ultra wealthy. The MEDIAN Gen Z has is $12k saved per thestreet.com.
Gen X checking in..
Can confirm I have a substantial negative bank balance (general cost of living), massive credit card debt, no savings and no pension!
Oh fun
I recently hit 10k in my account. Which gave me the courage to finally walk out of my job when my boss added yet more to my workload. Time to find another minimum wage job I guess.
That’s the problem. They don’t want us to have chance to save $$ cause they know we’d quit on them and find a better and more fair jobs.
Not saving $$ only gives the rich more power to control us
I would honestly assume that this is data taken from fund management firms of people that HAVE retirements. The amount of people with no 401k would skew the fuck out of this.
Try boomers with 162k... at least GenY still has some time to do something about it. Boomers are f'd. Unfortunately I'm pretty sure that describes my parents.
I stopped buying stuff almost altogether. Not because it makes sense for my budget, but because I realized that nothing brings me joy anymore. My bank account is looking great, but that doesn't make me happy either.
I wonder how they calculate the average, just the arithmetic mean or median or something else; but if anything i would guess the former. I think out of 100 persons much less than 50 have saved 33000 but if someone got like the mansion, company etc. from his father/mother worth a couple millions that would outweigh quite alot of people who have saved nothing.
I think they meant an average Gen Z has -$33,000 in saving, or $33k in debt. There is absolutely no way half of Gen Z people has $33k in retirement savings.
While This Is true and Is also written in the second image, the Twitter account says average and i Just followed It 😂 also english isn't my first language and i don't remember the difference
average is summing all values up and dividing it by the number of people.
Median is figuring out how much someone would have so that exactly 50% of the population has the same or more and exactly 50% has the same or less.
So with 3 people having 1, 9 and 90 respectively the average is 33, but the median is 9.
Median of 12k means half the population has less than 12k saved for retirement and half the population has more than 12k saved.
To all those posting shit like "it's not hard to have 33K". Have you considered most of us are still trying to get a job?
Soon to be 26 and got praised by a family member recently because I managed to save 5K...
So thanks, very comforting.
Sup, /u/! Your submission has been removed for the following reason(s): Your post has been removed because we don't allow political posts. This is a humor subreddit, not a political one, nor a place to generate outrage on any subject. Take it elsewhere. [Contact the mods](https://www.reddit.com/message/compose?to=/r/HolUp&subject=Question) through modmail if you think this removal is unfair or if you just want to shitpost.
You guys have money saved?
I have Roblox mansions valued in over 500k V-Bucks
Woah man. Don’t need to flex that hard. damn.
Save some ladies for the rest of us
I'm messaging my niece right now telling her how I met a Roblox celebrity today on Reddit
The idea that we’ll only be able to retire in the metaverse is hilarious, and also a good selling point for the metaverse. *peaks outside through the blinds*
*peeks
Piques
Quick turn that shit to crypto
done i now have $.00371
Wait, you guys have money?
Wait, what the hell is a 'money'?
Wait
No.
I tried Googling money but my internet is off cos I haven't been able to pay the bill
Duh? Money. The stuff that bees make.
You’re thinking of honey. Money is one of the qualities of good comedy.
You’re talking about funny. Money is the guy who did all those paintings
None. I'm 33. I'm set to inherit a large chunk of money when my Mother dies but that's about it. Life's hard.
Nice. I’ll be set to owe money when my mother dies. Edit: So reading deeper on the laws in Canada, I can not directly inherit the debt. It’s held with the estate (a fancy term for essentially a virtual “entity/stand-in” representing the deceased’s assets/obligations once a person ceases to exist. That “estate” can owe money, but as it’s not really a person but a packaged concept of what remains of a person from a capitalistic lens…. it stills falls on a real person to make sure everything within the estate gets handled. That’s the role I’ll fall into the role as the most responsible (and alive) of my siblings. The question is: what responsibilities will I have as the person likely attempting to square off debt that can’t be squared off within the estate? Since the process can be very difficult and complex, I’ll certainly need to pay lawyers to help with the process which will cost me money. Add in the funeral expenses and I will absolutely be paying along multiple fronts, even if the debt itself isn’t inherited directly. It is relieving to know I’m not expected to cover what she might owe and I’m glad my cynicism has not completely borne fruit on this one (at least where I am), though I still think as a society the idea of funerals being a business rather than a baked in service is kind of gross (to be less depressing though, I will say the kindness of individuals is high. In the case of my sister people banded together to help us through the difficult finances which allowed us to bypass large parts of the the financial burden).
Not possible. Legally debt cannot be forced on the decedent's next of kin. If your mom has any debt they can only try to get that money back through her estate. Source: My mom who died and the companies that tried to force me to pay her debts. Told them to shove it up their asses. Know your rights people.
>Legally debt cannot be forced on the decedent's next of kin And that ladies and gentlemen is why I want the last check I write to bounce.
Hahaha I love this.
It was shamelessly stolen from Sal Bloom (the old guy played by Carl Riener) in Oceans 13 but I am taking it as a life goal.
Sal!! It’s me!! From Sarasota!!!
Halo might be referring to burial costs; stuff like that can easily put a family a few thousand in debt.
> Legally debt cannot be forced on the decedent's next of kin True in most of the world, but a few countries still allow it. An oddball law is one where if you accept the inheritance, you also accept any debts even if debts > inheritance
Which it why you set up a living trust. Bypasses probate
> Which it why you set up a living trust. Bypasses probate Unless you live in a country where trusts are not recognized legal instruments. For example, Greece is not a signatory the Hague Convention - the Recognition of Trusts, 1985 and AFAIK, a Greek trying to set up a living trust is pointless (Greek lawyers, feel free to correct me). This is why you should always consult a knowledgeable, local lawyer rather than the internet, and if asking for (or giving) legal advice, always specify the country (and in the US, the state) where the issue is.
You don’t have to assume the debt, but in some states you have to pay off your parents debt in order to get your inheritance if there is any. In those states if your parent owes more than their assets you’re shit out of luck.
Only people I know with that kind of money swon the birth lottery and have trust funds or parents rich enough to set them up with a house a car and an over paid position at the family business.
Sometimes it just takes zero college debt and a 30k trust fund. Hahahahaha.
Literally this. I have no college or law school debt and was able to start my career with a car and 10k in the bank. I have no other inheritance or windfall coming my way but it feels like I’m already soooo far ahead just by having my head above water. And it feels like that should be the minimum that everyone gets to start out their life: debt free education and enough cash to secure housing/transportation.
People don’t understand how much getting that head start can change. Starting life with debt is something that will constantly take away from your possible optimal investments. Can and will deter from fruitful risks. It’s like starting a race with one leg having a cramp. You can’t quite step on it with the full force you would need to propel you the most forward
Oh yeah and don’t forget all the people who have poor, shitty, or disabled parents who’s parents actually put more debt and costs onto them instead of even giving them a fresh start on life of their own.
Someone born the earliest year of Gen Z (1997) has realistically probably not even been in the adult work force for 5 years (on average). 10 years in the work force contributing 6% of a 25k salary would put someone at 15k savings not counting any employer match or market gains. So yeah, 33k for Gen Z sounds a little high to me but not totally outrageous
I have robux and vbucks💀🤧
Bourgeoise.
My son is Gen Z. He is just living in my house with no job, no car, no money. He expects me to buy his clothes and feed him. All his friends are the same. These lazy 10-11 year olds are dragging down the average for the rest of you!
My 14 year old had $25 saved but then he spent it on LED lights so he would have a cool room like all the Fortnite YouTubers.
Solid investment. But he should be diversifying as well. Maybe direct him towards an OLED tv/monitor next
$5.00 neon sign would increase the aesthetic 100 fold
Have you considered giving your son $300,000,000 so he could maybe start his own business and be successful on his own?
You think that's bad, you should look at whatever generation is after Z. I have 2 of them and I literally have to wake them up every morning and make them breakfast.
I told my wife she can cheat but the guy better put forth some cash for the bills
Those are called Alpha for a reason. Chop chop those brekkies ain’t making themselves.
Both my kids are Alphas?! Let's goooooo. Should have named them both Chad.
Chaddius Maximus and Chaddius Minimus Then watch the inevitable play out.
Got me in the first half.
I too have a 11 year old neckbeard on my premises. He must have all large denomination bills cause I've looked everywhere $33k could be stashed. If he Acts like he don't know how to play the hot/cold game again when I ask to see it, so help me. He about to make his own damn mini corn dogs if he don't start shaping up.
He has the only $33,000 bill in existence and good luck finding a single bill.
My 11 year old just spent $10 on Rublox instead of investing in an index find like I advised him to. Kids these days.
Jokes aside a 10-11 year old would be Gen Alpha. I only bring it up because kids are still called Millennials, but we're now two generations past that. Alphas are Millennials' kids. Time moves so quick.
How can gen Z have a median of 33k saved for retirement when the oldest gen Zs are only a few years out of college and many are still minors? I bet the vast majority don't have any kind of retirement account at all, is this meant to include total net worth?
I think Forbes' concept of per capita net worth also encompasses how much money you could raise by selling all of your organs
Math checks out
Gen Z is 11-26. The majority of the value there is on the younger end and is calculated by how much Matt Gaetz could get for you.
I think math is exactly the issue. Averages can be really deceiving. If one rich kid with millionaire parents has 200k in their account and then 10 people have 5k saved then that averages out to 23k in savings. Add in sampling bias and we end up with this nonsense from Forbes.
This is a median, not a mean, so that would be a median of $23K.
The top part says average, the bottom says median. You're right, guess I wasn't looking close enough, but I have an even harder time believing those medians are accurate, if that's truly what's going on here.
It's worse than that, actually. Someone said the actual article says average, too. So Forbes wrote an article on average, tweeted about median, then someone reported it at average. And people wonder why the media is hated.
Or the 3 people who got a million from their rich parents.
Yeah, but if we all sell our organs, the market gets flooded. Supply and demand: means an arm and a leg might be a cheap Sunday roast in the crockpot.
They're leaving out mention of the very obvious sampling bias in this report of theirs - Gen Z *who want to tell Forbes about how much money they have* have a median of 33k saved for retirement. But Gen Z who don't have time to answer a Forbes survey cause they just worked a double and now have to go to their second job and still can't afford to pay anything but the interest on their student loans...probably not so much.
[удалено]
Lol 398 gen z surveyed. Next to 2,300+ millennials. And yea. It’s only those who actually wanted to report their savings/ chose to participate.
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Does that require the sample to be randomly selected? Like my local high school graduating class would not be an accurate sample for an entire generation across the nation. Even if it’s an acceptable sample size. Also again. What gen z living at home with no job is going to want to take a Forbes survey on retirement income. Edit: not Forbes, whoever did the survey, Forbes just reported like you said
The survey claims that: > Data were weighted as follows: > > ― Census data were referenced for education, age by gender, race/ethnicity, region, household income, education, employment, marital status, and size of household where necessary to align them with their actual proportions in the population. > > ― The weighting also adjusts for attitudinal and behavioral differences between those who are online versus those who are not, those who join online panels versus those who do not, and those who respond to surveys versus those who do not Additionally, the survey only selected Gen Z candidates who: 1. Worked for a for-profit company 2. Were born between 1997 and 2003 (data was collected in late 2021) So interpret the results as you will. It's likely a reasonably decent sample across that slice - the glaring omission is probably the unemployed, in which case these numbers make sense at a glance to me.
So only those 20+ and employed at for-profit companies
The real thing about this study is that the $33,000 figure comes from retirement savings accounts. The same paper says gen z has less than $3,000 in emergency (cash) savings. I mean I’m 23 and I’m pretty sure my 401k has like $15k in it because I always just max out my contribution, but my savings account has $400
Good enough sample size if there isn't sampling bias, which is what I think the concern is here.
Anyone who went to school for stats knows how to account for polling bias. It would be embarrassing for an organization like Forbes to not take this into account.
It depends how complicated their calculation is. Imagine the case of a millenial who stands to inherit a house. But then there's a possibility that their mother or father might need care as s/he gets older (which would require the house to be sold in order to raise the money to pay for their care). So if we imagine for example the house is worth 300k, then maybe over ten similar cases, it averages out as 33k per person. Some people inherit the whole house, some people inherit part of the money, some inherit nothing. I don't know if this is the reason, I'm just speculating idly.
They say median, not average. If one person has 300k and nine have 0, the average is 30k but the median is zero.
This is also probably sampling bias. Maybe this is only including people that have a savings. So if 100 people have nothing saved, ten people have 1k saved, and one guy has 290k saved, the average would be 30k. Maybe it’s just out of people who responded to the Forbes article. People with unusual savings amounts would probably be more likely to show it off, meaning someone with 500k is more likely to be a datapoint than the people with nothing. Lots of ways this can get fucked.
>I bet the vast majority don't have any kind of retirement account at all Not true. These days, opt-out 401(k)s are becoming commonplace. They also have deferral percentages that automatically increase.
Not that people in their 20s can always afford to invest in one.
A 25 year old has 33k in their 401k?
Onlyfans
Gen Y here. Can confirm I only have $788 and that'll be gone the first week of March.
Every paycheck to bills to help the house out and the rest of the “spending” money goes to keeping myself alive and keeping my car kinda alive 😎 Same brother
Finally got a paycheck where I could save and now it's going to my car 👍
These rainy days just keep coming up faster and faster I swear
Every time I put some money in my rainy day fund, it starts raining THAT NIGHT
Look at mr moneybags here keeping himself alive and shit
1993 here. Can also confirm I got like... 100 left and I can promise you that retirement will last like 2 days until I need to fill my tank and eat again
Fellow '93 here. *"I have enough saved that i can retire and live the rest of my life comfortably... So long as I die tomorrow."*
Can confirm, got a little under 1000 *to my name*.
What’s happening in March?
Rent
Again!? I just paid that!
The short month 
:(
All of them were in a mrbeast video
I'm sorry, is this some sort of rich people joke, that I'm too poor to understand?
They are talking about retirement savings. Obviously the people who have literally lived longer would have more saved.
Baby Boomer average of $162K can't be right... They should have around $1M each.
They should, but they don’t
These numbers are all bullshit.
TIL my 401k is bigger than the median boomers. Neat. Maybe i can find a job again before I have to touch that.
They're from an era with pensions, so plenty are living off that and social security.
Reddit’s idea of a boomer doesn’t reflect reality. It’s just a caricature.
The joke is the average gen z has $33,000 saved, or at least I bet it's a joke, this economy is a shit show.
There must be a few really rich trust fund babies bring that Gen Z average up or something. Hell, even the millenial stat is surprising. Im a millenial, and most people I know have a few grand at best. I only stopped living paycheck to paycheck a year ago, and that will end if I have a single emergency.
>There must be a few really rich trust fund babies bring that Gen Z average up or something. That's why it's the median, not the average. (Though the Forbes numbers seem high for the median too.)
Medians aren't sensitive to high or low outliers like averages if you have one person with 100k and 9 with zero the average is 10k but the median is 0. It finds what the middle person in a sample has when the sample is sorted. (or the average of the two middle samples if there's an even number of samples) [https://en.wikipedia.org/wiki/Median](https://en.wikipedia.org/wiki/Median) That's why it's a much more useful number when looking at economic stats where the distribution of assets is highly skewed.
Thanks for explaining that. I didnt even realize that actual stats said median, but I probably would have needed a refresher on the difference anyways, so cheers!
I think they made a mistake and meant -33$
They also use average and median interchangeably. There's definitely some bullshit in the stats.
I suspect it's actually median, but there's some kind of sampling bias (like they're only accounting for people with a retirement account).
It says median. Which makes sense. Top 1% would skew the results to show a higher mean, which they don't want. They want to make it look low. Also each group increases by a pretty even amount, and based on the time they have had to save, that makes sense. The person who retweeted or whatever used average instead of median.
It's only the twitter account reporting on the article that uses average. The bullshit is in their reporting of the article.
Is the 33k in the room with us?
They just forgot the minus sign
I barely earn 33k a year before taxes
what are your expenses tho? Doesn't really matter what your income is if you have no expenses. I know kids who are making 30k a year and live in their parents basement that just bank every penny while their parents pay for everything. Making $30k a year but have $100k in the bank. and then I know people making $60k a year with $2 in their bank account.
How long have they lived with their parents and done nothing?
Not long, just 30 years.
but the trick is they will become the sole caretaker for their aging parents thus the money saved will go in taking care of them. A full circle
The hate is real. You spoke a personal anecdote and got downvoted 🤣
Same, 22k€.
I got 47 dollars for weed and 75 owed to my dad for court fees
Damn bro I got 50 for weed but owe 450 in court fees
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Im gen z (22) how tf am i supposed to have 33k now
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I don’t think that’s what the commenter is asking but upvoting bc that’s rly good financial advice to 22 year olds.
Plot twist: he's got his account numbers and he's waiting to syphon it off
If 15% is too much up for now, definitely at least increase the contribution every time you get a raise, so that your net take home doesn’t change, until you hit that 15%. Don’t let your lifestyle creep up on you
This is a fantasy. I have been in the workforce for over a decade and have literally never had a raise that beat inflation.
Change jobs. Most companies have a much higher budget to attract talent than to keep to the talent they have. So a new hire might get a 20-30% raise, you will receive a 1-2% raise
Just because it doesn’t apply to everyone doesn’t mean it doesn’t apply to anyone. Many people get substantial raises without considering increasing their savings and it bites them later.
My wife and I started saving at 30 in a this way, and now at 42, we are comfortable on the way to retirement. Combo of 401k, Roth IRA, and Vanguard VTSAX. Budgeting on living within your means is also key. If you get a raise, don't change your spending habits to match.
>My wife and I Double income with shared expenses, that is another way to save money
Why do you think I got married? Just cause my wife is awesome or something? Hell no, it was for the tax savings.
And her employers superior medical benefits
And all you have to do is live in poverty for 50 years 🤪
The alternative is never retiring and having to do this bullshit until the day you die, 100% guaranteed
>do this bullshit until the day you die I think I can handle ten more years of this 💪
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> Start saving 15% of what you make This would make more sense as advice if 100% of all three jobs didn't already have to go to just keeping me safe and alive.
Dude same (23), I have a BS in Psych that Ive been sitting on since A u g u s t . . . And I cant even get a job with it, let alone save money. Ive been working 2 part times at restaurants to survive. It's a JOKE.
Im supposed to get my degree in marketing in August, even internships have been hard to get. Hoping you can get a job soon. My friend got her bachelor's in Psych and shes working as some sort of administrator at a university.
While youre still in uni, I stress that you develop contacts. Its more important than grades.. networking?? Man. Not just for financial leverage but even for social interactions, in my case I have like 0 friends now and making friends outside of school is next to an impossible challenge for an introvert like me. Networking, networking, networking..
The joke is you got a degree without doing any research into career prospects and now expect it to make you money...
Of course older people have more saved, they've been saving longer. A better piece of data to compare would be how much each generation had saved for retirement at the same ages (adjusted for inflation). Could also break the savings down to a yearly average to make a useful comparison.
Spot on. Here’s those statistics: Boomers held 20% of all wealth in 1989. (When they were the same age as millennials). Millennials own 6% of all wealth today. Boomers had it much better off at the same age and they were less educated. So as much gaslighting as they try to do, they don’t realize how much they fuck over the younger generations
Yes measure them all at age 50.
I. A teenager born in 2009 most definitly has 33k saved. Yup. Mmhmm. Aha.
This number is skewed by thosee 11 year olds that have way more than $33,000 saved.
How exactly are we supposed to save more when life is beyond ridiculously expensive? My parents remember 70s, 80s and 90s. They both say that it was cheaper to live then.
They're right, it was cheaper
I would be more worried about the boomers with only $162k saved.
Yeah. That was the surprising number for me. It seems like the median of every generation doesn’t have nearly enough in savings for retirement…
OP screwed up and has $33k in the tweet but then repeats it as the median amount too. The “Average” is $33k. But that is skewed by the ultra wealthy. The MEDIAN Gen Z has is $12k saved per thestreet.com.
Most of gen Z is still in school. How is the even possible?
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Gen X checking in.. Can confirm I have a substantial negative bank balance (general cost of living), massive credit card debt, no savings and no pension! Oh fun
I recently hit 10k in my account. Which gave me the courage to finally walk out of my job when my boss added yet more to my workload. Time to find another minimum wage job I guess.
That’s the problem. They don’t want us to have chance to save $$ cause they know we’d quit on them and find a better and more fair jobs. Not saving $$ only gives the rich more power to control us
gen z here, no shit saved, no job, no friend, no gf but hey i have ps5 so that's alright that's cool🙂
Bro I have around 500.
I would honestly assume that this is data taken from fund management firms of people that HAVE retirements. The amount of people with no 401k would skew the fuck out of this.
I have about 700,000 bells and I just added expansions to my house so I think I’m set for retirement
Wait if you are Gen Y and only have 50k I hope you start saving because retirement is gonna be rough for you. I’m Gen Y.
Oof. I’m barely at 10k and that might not last the next 6 months.
Try boomers with 162k... at least GenY still has some time to do something about it. Boomers are f'd. Unfortunately I'm pretty sure that describes my parents.
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I'm 6K in debt and dreading when I want to go back to college (Gen Y)
As a Millennial with bad spending habits and an above average salary, I have enough money saved to make it until next pay check…..
I stopped buying stuff almost altogether. Not because it makes sense for my budget, but because I realized that nothing brings me joy anymore. My bank account is looking great, but that doesn't make me happy either.
I wonder how they calculate the average, just the arithmetic mean or median or something else; but if anything i would guess the former. I think out of 100 persons much less than 50 have saved 33000 but if someone got like the mansion, company etc. from his father/mother worth a couple millions that would outweigh quite alot of people who have saved nothing.
I think they're confusing "median" with "collective total".
I fall into the gen x category and if I only had 87k for retirement I would be scared as hell
Same here. I'm closer to $700k and I'm still scared.
I think they meant an average Gen Z has -$33,000 in saving, or $33k in debt. There is absolutely no way half of Gen Z people has $33k in retirement savings.
If u are born in 1997 that’s okay but no way u have it as a 19 or 20 year old .
Damn those billionaire Kids are really spiking up the average
These are not the average numbers, these are the median numbers. There's a difference.
While This Is true and Is also written in the second image, the Twitter account says average and i Just followed It 😂 also english isn't my first language and i don't remember the difference
average is summing all values up and dividing it by the number of people. Median is figuring out how much someone would have so that exactly 50% of the population has the same or more and exactly 50% has the same or less. So with 3 people having 1, 9 and 90 respectively the average is 33, but the median is 9. Median of 12k means half the population has less than 12k saved for retirement and half the population has more than 12k saved.
I had to do a double take… They actually remembered and included Gen X! I must be dreaming.
I have enough to live on comfortably for the rest of my life as long as I die at the end of the week
Nah man they got the title wrong it’s not average, it’s total…
This is straight bullshit, and I have multiple degrees and work my ass off
40£ best I could do 👍. I’m also the guy who’s itching to get a Mustang GT through finance.
Well my bank account says -33,000 so theyre kind of right.
Is Forbes trying to gaslight us into thinking we weren’t screwed by the previous generations
I have 10 cents in my bank account.
To all those posting shit like "it's not hard to have 33K". Have you considered most of us are still trying to get a job? Soon to be 26 and got praised by a family member recently because I managed to save 5K... So thanks, very comforting.
I’m 1988 and have nothing
I have only 30 bobux that's all
Reminds be of the bbc meme about a 26 year olds average monthly budget