The majority of 65+ people aren’t going to be able to “retire” in another 10-20 years. The entire premise of retirement funds and pensions is that the planet is not on fire and ecosystems aren’t collapsing… That is to say that inflation is stable and predictable, and younger generations are employable; paying back into the system.
Go to any retirement calculator and change the annual inflation rate from the 2-4% default (historic reality) to 6-7+% (reality with climate change). For the majority, that will mean the difference between being wealthy into their 90’s, and being broke in their 70’s. Gen X is going to be the first generation to realise the retirement savings they were told would be adequate, is wholly insufficient. Hopefully N2O suicide booths are an option.
It don’t matter how much you save if you are physically or mentally unable to work. Youd be surprised how many regular folk don’t really make it to 65.
Trying to understand why your optimism made me feel pessimistic.
Probably because X won’t be allowed to retire until the retirement homes . . uhhh, have room . . ?
The majority of 65+ people aren’t going to be able to “retire” in another 10-20 years. The entire premise of retirement funds and pensions is that the planet is not on fire and ecosystems aren’t collapsing… That is to say that inflation is stable and predictable, and younger generations are employable; paying back into the system.
Go to any retirement calculator and change the annual inflation rate from the 2-4% default (historic reality) to 6-7+% (reality with climate change). For the majority, that will mean the difference between being wealthy into their 90’s, and being broke in their 70’s. Gen X is going to be the first generation to realise the retirement savings they were told would be adequate, is wholly insufficient. Hopefully N2O suicide booths are an option.
We need to scream this from rooftops because zero fabrication is present in your comment.
It don’t matter how much you save if you are physically or mentally unable to work. Youd be surprised how many regular folk don’t really make it to 65.