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Don't want to think about retirement or wills

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chris1989
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13 Feb 2025, 10:35 am

I seem to feel as though time to think about retirement and doing a will is getting closer. I remember seeing ads online and on TV targeting those born between 1939 and 1975. I'm not in the target audience and in my 30s and I seem to feel as though I haven't had much experience with life as I didn't start working at 18, I did voluntary work at 21 and started a paid job at 26. I know this post sounds like why worry about it when it's not targeting me? But I remember a while ago seeing an ad for life insurance for people born before 1996.



Last edited by chris1989 on 13 Feb 2025, 11:12 am, edited 1 time in total.

BTDT
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13 Feb 2025, 10:45 am

https://www.fidelitycharitable.org/guid ... arity.html

In the United States we have the option of designating beneficiaries to our retirement accounts, most often to a spouse.
A big mistake is failing to update the names when relationships change. Sometimes the hated ex-wife gets the money!



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13 Feb 2025, 10:37 pm

chris1989 wrote:
I seem to feel as though time to think about retirement and doing a will is getting closer. I remember seeing ads online and on TV targeting those born between 1939 and 1975. I'm not in the target audience and in my 30s and I seem to feel as though I haven't had much experience with life as I didn't start working at 18, I did voluntary work at 21 and started a paid job at 26. I know this post sounds like why worry about it when it's not targeting me? But I remember a while ago seeing an ad for life insurance for people born before 1996.

The time to start investing for retirement was your teens or 20's.You missed the greatest decade of compound interest which was your 20's.I would google index funds.



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15 Feb 2025, 12:50 am

Texasmoneyman300 wrote:
chris1989 wrote:
I seem to feel as though time to think about retirement and doing a will is getting closer. I remember seeing ads online and on TV targeting those born between 1939 and 1975. I'm not in the target audience and in my 30s and I seem to feel as though I haven't had much experience with life as I didn't start working at 18, I did voluntary work at 21 and started a paid job at 26. I know this post sounds like why worry about it when it's not targeting me? But I remember a while ago seeing an ad for life insurance for people born before 1996.

The time to start investing for retirement was your teens or 20's.You missed the greatest decade of compound interest which was your 20's.I would google index funds.


Invest what money? Most people in the west under the age of 35 are living hand to mouth with little to nothing left for savings because of the high cost of living.



Texasmoneyman300
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15 Feb 2025, 6:14 am

Canadian Freedom Lover wrote:
Texasmoneyman300 wrote:
chris1989 wrote:
I seem to feel as though time to think about retirement and doing a will is getting closer. I remember seeing ads online and on TV targeting those born between 1939 and 1975. I'm not in the target audience and in my 30s and I seem to feel as though I haven't had much experience with life as I didn't start working at 18, I did voluntary work at 21 and started a paid job at 26. I know this post sounds like why worry about it when it's not targeting me? But I remember a while ago seeing an ad for life insurance for people born before 1996.

The time to start investing for retirement was your teens or 20's.You missed the greatest decade of compound interest which was your 20's.I would google index funds.


Invest what money? Most people in the west under the age of 35 are living hand to mouth with little to nothing left for savings because of the high cost of living.

Cutting out Starbucks and investing the money saved in a index fund would be a good start.



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15 Feb 2025, 7:51 am

Texasmoneyman300 wrote:
Cutting out Starbucks and investing the money saved in a index fund would be a good start.


This sounds like when geezers blame avocado toast for why 30-somethings have no money. While it's not entirely bad advice if it's premise were true, it's completely out of touch and assumes that people are spending a bunch of money on treats which often isn't the case.


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chris1989
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15 Feb 2025, 9:28 am

It does remind of what the location location presenter in the UK Kirsty allsopp said because she's says she got her first house at 21 and said if young people cut out their takeaway coffees, netflix subscriptions and gym memberships then they'd probably do what I did.



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15 Feb 2025, 10:11 am

In the United States a lot of young people have debts from going to college, unless they were lucky enough to get a full scholarship, which doesn't happen very often.

I put a two thousand in a retirement IRA when I was in my early 20s. A modest certificate of deposit at a bank!
It is now worth more than ten times that in a Roth IRA stock fund!



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15 Feb 2025, 10:24 am

chris1989 wrote:
It does remind of what the location location presenter in the UK Kirsty allsopp said because she's says she got her first house at 21 and said if young people cut out their takeaway coffees, netflix subscriptions and gym memberships then they'd probably do what I did.


Of course she also ignores whatever financial help her family gave her. Her dad's a Baron, so she's either being intentionally dishonest or is just very stupid when she doesn't acknowledge how her circumstances differ from most of the people she's lecturing about how easy it is to get rich.

It's just condescending non-sense from some aristocrat who started on third base and believes she hit a triple.


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15 Feb 2025, 3:55 pm

funeralxempire wrote:
Texasmoneyman300 wrote:
Cutting out Starbucks and investing the money saved in a index fund would be a good start.


This sounds like when geezers blame avocado toast for why 30-somethings have no money. While it's not entirely bad advice if it's premise were true, it's completely out of touch and assumes that people are spending a bunch of money on treats which often isn't the case.

Agreed



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15 Feb 2025, 4:13 pm

If many more 30-somethings all managed to save $50,000 it is likely that most of them wouldn't be able to buy starter homes!
There is the problem of a limited supply of starter homes and numerous roadblocks in the way to prevent building more.
What will happen is the price of the homes will rise.
It is unlikely that towns and cities will make it easier to build more homes to ease the demand.

Not in My Backyard is a phase to describe this. People will oppose building more homes where they live, even though they would support building more homes elsewhere.



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15 Feb 2025, 9:19 pm

BTDT wrote:
If many more 30-somethings all managed to save $50,000 it is likely that most of them wouldn't be able to buy starter homes!
There is the problem of a limited supply of starter homes and numerous roadblocks in the way to prevent building more.
What will happen is the price of the homes will rise.
It is unlikely that towns and cities will make it easier to build more homes to ease the demand.

Not in My Backyard is a phase to describe this. People will oppose building more homes where they live, even though they would support building more homes elsewhere.


Where I live a typical down payment on a home is 100,000+. A rundown rancher is 1.2 million and 1 bedroom apartment is about 500,000.

My Mom bought a small house for just over 100,000 in the late 90's.

Times have changed, the reason why young people can't afford a home is not because they are lazy or bad with money (Although many are).