Generation Y Discuss Their Retirement Plans, and Their Answers Are Eye-Opening

Scroll through any forum, podcast, or casual conversation, and you’ll notice something interesting—millennials aren’t dreaming of traditional retirements. Instead of gold watches and quiet suburbs, they’re imagining different things.

• I realize something now that I didn’t understand before. I’m on track to actually be able to retire. But by the time I have the income, and I’ve paid off my debt enough to be able to support my daughter that way, she’ll probably be 30.
  So in reality I’ll be more able to support the success of grandkids than my daughter. Which is the same position my grandparents were in. Neither my mom nor her siblings were able to go to university. But my cousins and I did.
• I did some financial planning and determined I can retire by the time I am 97 and can live for 11 minutes on my savings.

• I’m hoping to get off work in time to attend my funeral.
  Answer:
  (Early leave denied): “We’re short-staffed, I need you to work late.” -Your manager, probably
• I’m a member of the electrical union and will retire with 2 pensions and a money purchase plan/annuity. Our current retirees make more being retired than they did working.
• Save a lot, die before retirement, will my retirement savings to my kids so they have a chance.

• Investing well and retiring as soon as I’m eligible for social security. I don’t want to work until I die.
• Extra credit if it’s thatched, Midsommar-esque.
• Hello [Your name here], I noticed your Out-of-office request...we felt it was in the company’s best interest if you kept working, thank you for your continued loyalty to us, and we look forward to your daily progress in your future with us.

• Find a comfort animal.
• Work til noon the day of my funeral.
  -Sorry, lunch hour is really busy for us, we’re going to need you to work through that.
  -And if you could come in tomorrow, that’ll be great.
  -Don’t forget, you need to train your replacement.
  -Oh, and before you leave, make sure your timesheets have been submitted.

• I want to retire in my 40s in South America or Europe. I’m currently in my early 30s.
  My goal is to secure between $60-100k income (shooting for 2.5m in savings). I plan on selling my house to keep me afloat until I can start pulling from my retirement accounts, and to have a fully paid off house abroad by the time I retire.

• I have a ton of investments (stocks, bonds, crypto, ETFs that pay me), 401k at 15%, universal life insurance policy, no debt, old car, never buy new clothes, my only money spending is I live on the beach, so my area makes it easy to walk, and I love the ocean. I don’t drink so that’s helpful, and my bf and I are homebodies so we love being home with our pups.
  I know life sounds boring, but I’m not working past 50 and working hard now to make that happen.

• My goal is to retire no later than 65 (23 years to go) with a paid off house and live a modest life working in the garden, going for walks, removing all alarm clocks from my house, weekend trips, maybe one bigger vacation every couple years, having my kid(s) and grandchildren (if they exist) over for dinners/holidays, etc.
  
  You could do a lot of that stuff right now too... I hope you are doing them.

Millennials may not have all the answers, but they’re asking different—and important—questions.

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