Forget the Millennials - my own generation is only halfway to retirement and we've got big problems. Granted, we have another 20 plus years to save, but it's an uphill battle and I know a lot of people who aren't going to be able to truly retire. There is always going to have to be another source of income to cover things like prescriptions and supplemental health insurance, which are already high costs today and I shudder to think how they'll be 20 to 25 years from now.

JacksonM wrote:

Moneyes wrote: Since the major companies are not on our side, we have to get creative with the financial options we do have. And we're not going to find them by wishing for the old days to come back.

Find a good paying job. Don't worry about bennies.

Find a good passive income stream (Google that term) like affiliate marketing or even collecting aluminum cans to sell. You don't have to do much at all and the income stream is steady. Use that income for your retirement savings, 401k type investment or other means to save and possibly grow through Annual Percentage Yields.

These are just examples, but if you get into that mindset, you might be surprised at the amount of "alternative earning methods" that there are.

Alternative earning methods, as you call them, have become quite popular. I'm not sure people are using it to help them save though. Quite of a few of the younger folks I know use "extra money" to enjoy an expensive night out instead.

I get it though; it's strange to think of retirement when you're just starting your career. For myself, I'm ten years in already and should be doing more, but getting that ball rolling is hard.

It can be very hard to get the ball rolling, that is for sure. I always liked the phrase "pay yourself first". That way you will always save a little each month, even if its just a little bit.

Moneyes wrote: Since the major companies are not on our side, we have to get creative with the financial options we do have. And we're not going to find them by wishing for the old days to come back.

Find a good paying job. Don't worry about bennies.

Find a good passive income stream (Google that term) like affiliate marketing or even collecting aluminum cans to sell. You don't have to do much at all and the income stream is steady. Use that income for your retirement savings, 401k type investment or other means to save and possibly grow through Annual Percentage Yields.

These are just examples, but if you get into that mindset, you might be surprised at the amount of "alternative earning methods" that there are.

Alternative earning methods, as you call them, have become quite popular. I'm not sure people are using it to help them save though. Quite of a few of the younger folks I know use "extra money" to enjoy an expensive night out instead.

I get it though; it's strange to think of retirement when you're just starting your career. For myself, I'm ten years in already and should be doing more, but getting that ball rolling is hard.

Since the major companies are not on our side, we have to get creative with the financial options we do have. And we're not going to find them by wishing for the old days to come back.

Find a good paying job. Don't worry about bennies.

Find a good passive income stream (Google that term) like affiliate marketing or even collecting aluminum cans to sell. You don't have to do much at all and the income stream is steady. Use that income for your retirement savings, 401k type investment or other means to save and possibly grow through Annual Percentage Yields.

These are just examples, but if you get into that mindset, you might be surprised at the amount of "alternative earning methods" that there are.

Wanderer wrote: FrankN can you explain the growing industry of "side hustles" as I am not aware and would like to know more. My job was eliminated when the newspaper I worked for closed. The extra money was nice (my mother called it "egg money"). It might be something to look at.

Its simply the growth of people being able to do more freelance or consulting type jobs due to the internet and ease of communication with people. There are a lot of websites out there (Upwork, Freelancer, etc.) where people post one-time jobs for projects like financial modeling, writing 1 article, coaching, etc. These in theory have allowed people to take the skills they have to a broader base and make some "side money" while also having a full-time job if they are lucky to have a full-time job as well.

Wanderer wrote: Continue to read how people will work into their retirement years. Remember, employers may slide you out the door (very likely) through various ways to keep the younger, more flexible worker who costs less and is the most "state of the art". In my reading it seems people forget the employer has to want the older worker and even though there are laws to protect the older worker ... employers are good at finding ways to bankrupt, sell out, reconfigure the organization or sell to a foreign company. It concerns me that people are not viewing the global picture on working into their "golden years" as my money is on the employers not keeping them around!

Good Point Wanderer. Hubby was laid off from corporate America in '09 at the age of 57 due to "downsizing." He did get a nice severance package but was unable to find another job. He must have over 1,000 applications out there. Talk about some side hustling. He's done a little of everything just to keep us afloat until he could get social security. It's far from what he was bringing home but we've adapted and overcome.

FrankN can you explain the growing industry of "side hustles" as I am not aware and would like to know more. My job was eliminated when the newspaper I worked for closed. The extra money was nice (my mother called it "egg money"). It might be something to look at.

Wanderer wrote: Continue to read how people will work into their retirement years. Remember, employers may slide you out the door (very likely) through various ways to keep the younger, more flexible worker who costs less and is the most "state of the art". In my reading it seems people forget the employer has to want the older worker and even though there are laws to protect the older worker ... employers are good at finding ways to bankrupt, sell out, reconfigure the organization or sell to a foreign company. It concerns me that people are not viewing the global picture on working into their "golden years" as my money is on the employers not keeping them around!

That is also a very good point. There is also a growing industry of "side hustles" that many "retirees" may be able to work in and share their experience.

Continue to read how people will work into their retirement years. Remember, employers may slide you out the door (very likely) through various ways to keep the younger, more flexible worker who costs less and is the most "state of the art". In my reading it seems people forget the employer has to want the older worker and even though there are laws to protect the older worker ... employers are good at finding ways to bankrupt, sell out, reconfigure the organization or sell to a foreign company. It concerns me that people are not viewing the global picture on working into their "golden years" as my money is on the employers not keeping them around!

That is a good point, but people definitely don't want to work until their dead.

Another huge problem for milleniums is the student debt. If they do have leftover savings, its not being saved for retirement, its being used to pay down debt or just pay the interest.

Yes, I don't think most will have a choice. However, since there isn't as much hard labor going on, maybe it will be manageable to work through the golden years. As long as your mind stays sharp that is. Technology is always changing, and that generation is used to adapting to change. I can't see true retirement in the picture.

Good question. Since most companies now hire part time only to avoid this, our younger generation had better wake up. Momma and daddy are not always going to be there. I see these kids working until the very end. Don't you?

I'd say it depends on the employer. A friend works for Phillips and receives matching for his 401k. Another friend of mine works for the county. She is eligible for state retirement but the rules were changed so she makes her own contribution each month, which she didn't do in the beginning. So yeah, it's definitely not as good as it used to be.

I don't recall all the details, but I do remember reading something about retirement following you from job to job. I think it was just a suggestion in order to help protect people and make work work better for them. I'll have to dig around and see if I can find the article.

I don't think company retirement plans are an option anymore unless you work for a union or city/state governmental agency. The pensions that our grandparents and parents relied on are long over for the most part. I mean, 401ks exist, but few companies do any type of matching and some folks are leery after seeing many folks in the older generation lose their retirement funds when the economy crashed.

Since most kids in that generation think that a long-term job is 2 years, then move up, how will they keep a retirement plan with a company. Do you think they should just do one separate from any company and miss out on the match or what?