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It's impossible to save because of the inflation, high cost of living and taxes. It was never possible historically speaking and we are no different today. Que
by betaby 4y ago
It's impossible to save because of the inflation, high cost of living and taxes.
It was never possible historically speaking and we are no different today.
Question we have to ask, how that happens that with taxes taking like 50% we can't provide people with pensions.
- andsoitis 4y ago> It's impossible to save I vehemently disagree. The basic issue is that people live beyond their means and it is facilitated/incentivized by a consumer society and a basic human “flaw” of optimizing for the short term and not the long term, financial illiteracy, amongst other things. Thinking you can have 3 kids and drive a new car etc etc when you don’t have the means but will use a credit card is not a good financial startegy. But then again, very few people think about money and plan…
- idiotsecant 4y agoIt's completely possible. The typical HN reader has plenty of resources to do so. If you're making median wage or better and not saving a substantial portion of your income, there are almost certainly changes you could make to improve your savings dramatically.
- nomel 4y agoA group of us at work ended up talking about retirement. I always assumed these guys were paid significantly more than me. They had big houses, expensive cars, and several have their kids in private school. It turns out they’re not saving anything. They’re at max burn rate, cashing out their RSUs as soon as they vest. At a FAANG table of 5, I was the only one doing anything outside of 401k. I’m also the only one without a Tesla.
- betaby 4y agoArticle is about 'Millions of Americans'. US folks with the FAANG salaries is a rounding error in the 'retirement age' group.