I (M26) just got lectured by my parents (65) about not saving enough of my money for retirement. They tried to tell me that 50% of my paycheck goes to my needs, 30% goes to my wants, and 20% goes to my savings. What so many boomers fail to understand is that I and so many people I know literally can’t afford to put any money away because of how expensive everything is.
Rent is taking just about half of my paycheck, food is expensive (I try to eat healthy – organic and free range food), and god forbid I have health insurance covered.
It’s not like I work for a startup company either – not like these would be excusable conditions for startups as well though. My company can easily afford to pay me and my colleagues more, but every time we ask for a raise we are told there’s nothing in the budget for us. It’s the typical brag about profits but claim they can’t pay their workers more trope we’re seeing so often.
When are I going to retire? Am I going to retire? How can I save any money? The state of the economic world for workers is really rough.