53
On Retirement Savings
(sh.itjust.works)
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I'm in a similar place to you, and I've resigned to it being an impossible feat. I'm pretty close to the number for 40, but the curve is flattening. There's no way I retire at 65 with enough to survive to 80.
Those numbers were established during boomer economy years and assume a few things that aren't true anymore:
Basically, good luck OP. We're all going to work till we die.
Yeah, boomer math was my #1 theory for why this isn't working. This sounds like post WWII advice in a post 9/11, post financial-crisis, post-pandemic world.
You omitted post-college affordability and post housing affordability.
The housing issue is actually so bad it's making things simpler; people will just save for retirement instead as housing isn't even in the same galaxy as most people's wages.
"Higher ed" will probably go the same direction and just be reserved for a few elites. Since degrees don't guarantee you much over experience the equation of self/vocational education will become the model (my nightmare is public education disappears and you have to go to your corporate "college" program.
My savings into index funds has seen an average growth of 9% a year for the past three years. 11% since the start of this year. Granted I jumped in at the bottom of the corona dip.