No. of Recommendations: 1
"Just saw this article - How Much Money Millenials Think They Need to Retire

https://www.cnbc.com/2018/01/16/how-much-money-millennials-t......

"As many as 34 percent of millennials believe they only need $200,000 or less to retire comfortably"

Yikes!

Cathy"

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

So what do 1/3rd of the population consider "comfortable"?
1/3rd of the population - well assuming the "study" looked at the whole
population - 1/3rd of the population would include all those families below the "poverty" limit.
Comfort levels - i.e. maintaining the current life-style - for folks making little is not as much
as folks who make more. 
really, you would expect this type of result if a study used a "representative" population.   

https://dqydj.com/net-worth-by-age-calculator-united-states/...

http://www.prb.org/Publications/Articles/2013/us-working-poo...

https://www2.census.gov/programs-surveys/demo/visualizations...

I think retirement "comfort" is a poor terminology to use to define retirement needs. 
Budgeting of costs - and defining differences between "needs" and "optional" expenses is more
critical in retirement planning than "comfort".
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Yikes is right!


Lisa
in MA
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"As many as 34 percent of millennials believe they only need $200,000 or less to retire comfortably"

Yikes!


Combine that with a majority (51%) of millennials prefer socialism/communism to capitalism, it is understandable that they think they need so little. The rest is to be supplied by the government.

JLC

http://www.sacbee.com/news/nation-world/national/article1827...
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Probably because they plan to be living with their parents still...
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That’s according to a new YouGov study commissioned by the Victims of Communism Memorial Foundation, an anti-communist organization, which found that 44 percent of millennials would prefer to live in a socialist country, with another 7 percent saying the same about communism.

It should be pointed out that communism and socialism aren't identical concepts. The old-fashioned communism of Lenin, Marx, and Stalin that I learned about in World History classes in junior high and senior high didn't exist when they were in junior high and senior high.

The socialism that they know about is that practiced in the European Union, Scandinavia, and the United Kingdom.
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which found that 44 percent of millennials would prefer to live in a socialist country, with another 7 percent saying the same about communism.

That's because they assume they'll be a commissar and not a body in the ditch. 100 million people would say they're wrong.
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No. of Recommendations: 7
Rayvt: That's because they assume they'll be a commissar and not a body in the ditch. 100 million people would say they're wrong.

What about the 400 million people in Europe? Almost all socialist.

CNC
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 What about the 400 million people in Europe? Almost all socialist.

Those aren't socialists they are Rino's

Andy
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"The socialism that they know about is that practiced in the European Union, Scandinavia, and the United Kingdom. "

and Cuba, Venezuela, Somalia, Congo, ......

and in Europe - where folks happily give up 70% of their paychecks to the Nanny State and housing costs 3x to 5x more.

- ----

they just get the 'cream' and ignore the rest of the rotten mess.

As Margaret Thacher said "Socialism fails when you run out of other people's money'.


t.
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and Cuba, Venezuela, Somalia, Congo, ......

Strong man governments that call themselves Socialist in order to appease the masses are still strong man governments, not Socialist.
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Another board goes down the political rathole. I wonder how long before the Recipes/Cooking board becomes a political cesspool.

PSU
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Another board goes down the political rathole. I wonder how long before the Recipes/Cooking board becomes a political cesspool.

Heh. Went to the barber this morning. He said that his facebook account is like trudging through a swamp now.
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Interesting, but I come to different conclusions than others.

This article (Americans or some demographic of Americans is completely unprepared for retirement and fairly ignorant of what they need to do) seems to get written about once every 2 or 3 months and has been appearing in popular press investment magazines and web sites for as long as I can remember.

When I look at the bar chart for this survey, I think Millennials have their act together more than any group I've seen in a long time. Sure, over half of them have dramatically underestimated what they are going to need, but they are thinking about it and most of them have established a number that is within a single digit multiplier of a number they could live with. More importantly, they have time to learn a little more and revise this initial guess.

I worry much more about the undisciplined, under educated, under-employed person age 55 or more who has less than $50K saved for retirement because they've still never thought much about what they might need to quit working. There's a good chance the parents of these older working class people retired with a pension that no longer exists for them. Millennials are going to witness the failure of their working class parents to retire comfortably and will have to opportunity to re-visit their projected investment needs in time to revise their savings before retirement.
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"Just saw this article - How Much Money Millenials Think They Need to Retire

https://www.cnbc.com/2018/01/16/how-much-money-millennials-t......

"As many as 34 percent of millennials believe they only need $200,000 or less to retire comfortably"

Yikes!

Cathy"

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

So what do 1/3rd of the population consider "comfortable"?
1/3rd of the population - well assuming the "study" looked at the whole
population - 1/3rd of the population would include all those families below the "poverty" limit.
Comfort levels - i.e. maintaining the current life-style - for folks making little is not as much
as folks who make more. 
really, you would expect this type of result if a study used a "representative" population.   

https://dqydj.com/net-worth-by-age-calculator-united-states/...

http://www.prb.org/Publications/Articles/2013/us-working-poo...

https://www2.census.gov/programs-surveys/demo/visualizations...

I think retirement "comfort" is a poor terminology to use to define retirement needs. 
Budgeting of costs - and defining differences between "needs" and "optional" expenses is more
critical in retirement planning than "comfort".
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No. of Recommendations: 3
One of my kids is a millenial and a graduate of one of the top 10 STEM schools. Much of her past week has been spent preparing briefings and meetings for her immediate supervisor who is going to Davos for the World Economic Forum next week (declined daughters request to go along), but on MLK day had time to gather with some of her old classmates. Some of her friends work for big banks in New York in the tech departments, developing AI for stock trading. As they described what they were doing my kid blurted out, "what would Warren Buffet or Ben Graham say?"

I think there's a decent chance she'll be able to retire some day.
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"Some of her friends work for big banks in New York in the tech departments, developing AI for stock trading. As they described what they were doing my kid blurted out, "what would Warren Buffet or Ben Graham say?"

Warren Buffet has a good understanding of markets and what 'values' stocks and companies.

A stock program that accurately mimics Buffet and his buying /selling techniques, and the synergy he gets from owning interlinked industries - would be valuable.

Heck, you go where the jobs are that pay well that are interesting to you. Why not?

Stock trading doesn't necessarily involve 'day trading' if you buy companies and hold them for 30 days or 60 days anticipating a take over, dividend increase, earnings favorable report.....or not.....

It's a 'market'.


t
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No. of Recommendations: 2
"As many as 34 percent of millennials believe they only need $200,000 or less to retire comfortably"


The definition of "comfortably" changes as you get older for most people.

Mike
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"As many as 34 percent of millennials believe they only need $200,000 or less to retire comfortably"

I recall in...oh, about 2009...discussing with my sister-in-law and brother-in-law how a coworker retired in his 50s, despite our company canceling its pension. The BIL and SIL said, "Wow, he must have like $275,000 in his 401k!" I was shocked enough by the statement (and weird amount) that I didn't say anything. At the time, we were all in our (late) 40s.
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