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646

‘Will I ever retire?’: millennials wonder what’s on the other side of middle age (www.theguardian.com)

submitted 4 months ago by MicroWave@lemmy.world to c/news@lemmy.world

242 comments fedilink hide all child comments

Claire*, 42, was always told: “Follow your dreams and the money will follow.” So that’s what she did. At 24, she opened a retail store with a friend in downtown Ottawa, Canada. She’d managed to save enough from a part-time government job during university to start the business without taking out a loan.

For many years, the store did well – they even opened a second location. Claire started to feel financially secure. “A few years ago I was like, wow, I actually might be able to do this until I retire,” she told me. “I’ll never be rich, but I have a really wonderful work-life balance and I’ll have enough.”

But in midlife, she can’t afford to buy a house, and she’s increasingly worried about what retirement would look like, or if it would even be possible. “Was I foolish to think this could work?” she now wonders.

She’s one of many millennials who, in their 40s, are panicking about the realities of midlife: financial precarity, housing insecurity, job instability and difficulty saving for the future. It’s a different kind of midlife crisis – less impulsive sports car purchase and more “will I ever retire?” In fact, a new survey of 1,000 millennials showed that 81% feel they can’t afford to have a midlife crisis. Our generation is the first to be downwardly mobile, at least in the US, and do less well than our parents financially. What will the next 40 years will look like?

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[–] Carmakazi@lemmy.world 17 points 4 months ago (1 children)

This is kind of where I'm at. I don't imagine any amount of cash in a bank account is going to prepare us for what's to come. Even if you could put money aside, the money you typically put towards retirement might just be better off towards becoming a doomsday prepper. Probably wouldn't save you either way, but it may buy you a little time that you wouldn't have otherwise.

Like others have said, I imagine my "retirement" as bearing witness to the collapse of modern society and ultimately dying in some lousy brawl with other desperate refugees, or by some untreated bacterial infection.

[–] henfredemars@infosec.pub 12 points 4 months ago

I just know that my death will be something dumb in the coming collapse, like stubbing my toe and dying to infection when there is no remaining, effective antibiotics on our superheated hellhole.