Claire*, 42, was always told: “Follow your dreams and the money will follow.” So that’s what she did. At 24, she opened a retail store with a friend in downtown Ottawa, Canada. She’d managed to save enough from a part-time government job during university to start the business without taking out a loan.

For many years, the store did well – they even opened a second location. Claire started to feel financially secure. “A few years ago I was like, wow, I actually might be able to do this until I retire,” she told me. “I’ll never be rich, but I have a really wonderful work-life balance and I’ll have enough.”

But in midlife, she can’t afford to buy a house, and she’s increasingly worried about what retirement would look like, or if it would even be possible. “Was I foolish to think this could work?” she now wonders.

She’s one of many millennials who, in their 40s, are panicking about the realities of midlife: financial precarity, housing insecurity, job instability and difficulty saving for the future. It’s a different kind of midlife crisis – less impulsive sports car purchase and more “will I ever retire?” In fact, a new survey of 1,000 millennials showed that 81% feel they can’t afford to have a midlife crisis. Our generation is the first to be downwardly mobile, at least in the US, and do less well than our parents financially. What will the next 40 years will look like?

  • Snot Flickerman@lemmy.blahaj.zone
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    2 months ago

    The next forty years will look like absolute hell and the lack of proper services for the explosive number of diseases in the millennial cohort will directly contribute.

    1. Milliennials by and large don’t have enough money to retire, and they are experiencing in striking numbers high rates of immunodeficiency and cancers. (I was personally diagnosed with cancer at 42. You know, the ultimate answer to life the universe and everything…) This will mean they will need more elder care and sooner… and they won’t really be able to afford it.

    2. No Child Left Behind has properly fucked US education for the foreseeable future, and US education was abysmal before that already. The elderly are going to be being taken care of by adults who may be functionally illiterate and when you’re functionally illiterate, you can become anti-vax even if you got hired as caretaker for the elderly. (Not all will grow up to be functionally illiterate, but if we’re to take teachers at their word, the gap between the struggling kids and the smart kids is wider than ever. As in C students functionally don’t exist, only A students and F students, and the F students are the larger group who are being passed on to higher grades just to hit numbers.)

    3. On top of education being gutted and there being a dangerous future of incapable people being put in these jobs because there’s no one else to do them: The collapse in birth rate because nobody can afford to have fucking kids will also make this problem worse as fewer and fewer workers will be available to take care of more and more elderly and infirm people.

    4. Most of the places that take care of the elderly are being bought up at rapid pace by investment groups, private equity, hedge funds, and the like, and all they do is cut services, make things worse, and cause more suffering and death so they can wring more money out of people suffering at the end of their lives. How many of these businesses will even still exist in 20 years? Many of them are shutting down constantly because the numbers just don’t add up, or because the private equity group that bought it has finished hollowing it out and there’s simply no money left.

    5. Because of all of this, we will see an absolute explosion of homelessness in the elderly.

    6. You can bet your ass fuck-nothing will be done to prevent any of this. Especially if Trump wins in November, then we’re dealing with this process outright accelerating at a breakneck pace.

    7. Oh and just for “fun” we can expect to see a lot more police violence against poverty-striken old people. “STOP RESISTING OLD MAN!”

    EDIT: Oh yeah, and that’s not even counting climate change, finite amounts of topsoil left, potential pandemics, and the fact that most of the world doesn’t even have access to clean water. I try to keep an eye on neat, simple engineering projects from poor countries because we may need to rely on similar options soon enough ourselves.

    EDIT II: Get involved in Mutual Aid Groups. We all have skills. No one is coming to save us. No government or political party or corporation. We have to save each other, and that will be very difficult to achieve. I forget the writer, but she said something like “No dictator is ever going to bring about the revolution. It will always have to come from the bottom organizing together.” The only thing we can do is help one another. It will not be easy or fair or entirely successful.

  • grasshopper_mouse@lemmy.world
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    2 months ago

    I’m a late gen-Xer (born in '80, so I’m more of a “Xennial”). I have a stable job, pension, matching 401k, no kids, no debt (paid off my car and student loans), make 6 figures, and I am STILL convinced that I will never be able to retire. I feel horrible for all those who are in a worse financial situation than me, but we are all really fucked in the next 20 years.

    • GiddyGap@lemm.ee
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      2 months ago

      I have a stable job, pension, matching 401k, no kids, no debt (paid off my car and student loans), make 6 figures, and I am STILL convinced that I will never be able to retire.

      If this is your reality, there’s more wrong with your expectations than your situation.

      • grasshopper_mouse@lemmy.world
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        2 months ago

        Social Security is set to run out in the 2030s, and I fully expect the stock market to crash, effectively wiping out my 401k. As others have mentioned, resources like water will start to become scarce, inciting instability.

          • grasshopper_mouse@lemmy.world
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            2 months ago

            I call it realistic. If you think everything is going to work out, you’re delusional, man. But I hope you prove me wrong some day, I really do.

              • eldavi@lemmy.ml
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                2 months ago

                i want to live like you; what evidence to you use to shore up this viewpoint?

                • TechAnon@lemm.ee
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                  2 months ago

                  Jumping in here with a couple cents. Background: Old millennial, paid off home, pension, 401K, 6 figs. I’ll be able to retire. My viewpoint: Automation and AI will accelerate. “Safe” jobs will be gone. In fact most jobs will be gone by 2029 (my guess). Goal: keep working and investing until I lose my job.

                  Hard times will hit because government is slow and wealthy people won’t care until it affects them. Once jobs are cut, profits for many businesses will fall because no one will be buying anything with the money they aren’t making. As big companies begin to fail, stocks will have already begun dropping. Wealthy will go after government and government will have to do something. Only good option to keep things running: Universal Basic Income. Question is where does the money come from? Answer: AI/robots will be taxed and taxed almost 100% more than a human. Why? They won’t care.

                  This leads us into humans have free-time to do whatever they like. Some can work where AI/robots fail for whatever reason, some can create new things using all the new tools. Businesses will still try and make the best products so the wealthy can still feel better with all the money that really won’t matter as much anymore. They’ll enjoy some exclusive things but it will likely be just locations and not technology.

                  TL;DR: Hell at first, then modern day renaissance.

  • alvvayson@lemmy.dbzer0.com
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    2 months ago

    Good post, but we really need to get out of the generational thinking.

    I know rich and poor boomers. I know rich and poor millenials, and gen X/Z.

    It’s a class struggle. Always has been.

    Stop making it a generational battle. That only serves to divide the working class.

    Yes, there is racism, ageism, sexism. We should debate those things and improve, but we can’t let those things divide us politically.

    And since I’m ranting, let me end with a solution. We need to find themes that help all of us.

    So perhaps we should say: for example, everyone with less than $1M in wealth gets a $20K tax deduction.

    Who could oppose that? It doesn’t benefit home owners vs. renters. It doesn’t benefit students vs. retirees. It doesn’t benefit city dwellers vs. rural. Or white vs. black.

    But it does benefit the class who owns nothing and gives them a better chance to own something.

    • Snot Flickerman@lemmy.blahaj.zone
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      2 months ago

      Stop making it a generational battle. That only serves to divide the working class.

      That’s difficult when a lot of the news media is owned by *checks notes… the Capital class… and they have vested interest in keeping the conversation about a generational battle.

      But yes, 100% agreed. The problem is we’re all commenting on news articles that will never stop presenting it that way.

      • OpenStars@discuss.online
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        2 months ago

        Someone else could write news then? People started doing that on YouTube - e.g. CPG Grey, Ian Danskin/Innuendo Studios, Hank & John Green, Jon Stewart, Bill Maher, Kurzgesagt, etc. It did not work out well I think, especially since people seek more immediate gratification i.e. Twitch dances or whatever rather than fully college-level subject matter provided entirely for free, oh except having to watch ads for the corporate overlords.

        If we do not value i.e. take care of things, we will lose them. In this case - and here I will use a generational term, b/c it refers to the only people in charge at the time it occurred - the Boomer (+ Great) generations chose this for the legacy of everyone who came after. Which is only the history of how we came to be here, but it is our choice to continue forward this way.

        • UltraGiGaGigantic@lemm.ee
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          2 months ago

          CPG Grey

          CGP Grey right?

          Seriously the best content creator I’ve ever witnessed. His video on First Past the Post voting should be mandatory to watch.

          So tired of people thinking inside the world’s smallest box, the two party system.

          • Victoria Antoinette @lemmy.world
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            His video on First Past the Post voting should be mandatory to watch.

            he doesn’t actually state in that video what should be the biggest takeaway: strategic voting is what leads to consolidation of parties, so your best interest longterm is to vote your values, even if doing so has a likelihood of losing short term.

  • octopus_ink@lemmy.ml
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    2 months ago

    X’er here. I have what most would consider a good job, with good pay, and a good boss. I consider it a good job with good pay and a good boss. My spouse is unable to work, and we have two children. I’m currently seeking some skill or product I can develop without taking time away from my existing responsibilities such that I have a chance of not having to work until I die at my desk one day.

    With no shade against millenials, this is the only time I’m grumpy about being forgotten in the generational sniping that goes on. All these articles (like OP) about this very valid angst from older millenials and I identify with it pretty much every time. I know I’m not the only X’er who does.

    • Snot Flickerman@lemmy.blahaj.zone
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      It’s the trouble with attributing it to any specific generation. It’s like people forgot that Gen Xers grew up reading the same dystopian sci-fi that we did that predicted this corporate shithole world. Neuromancer was written in 1984, when I was three years old. People forget that the cynicism of Gen X explicitly came from being such a small generation compared to the Boomers that it was just always a given that they wouldn’t ever have much political influence. Hell, it even affects a lot of Boomers, because this has been going on for a long time.

      Gen X gets forgotten, but they were honestly the first to really bear the brunt of this disease that’s eating at all of us, and thus it’s sad that they get forgotten. Cheers mate, and I hope you find that skill and succeed in your goals.

  • LustyArgonianMana@lemmy.world
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    2 months ago

    Thus millennial thinks we will all die in 10 years or so from climate related disasters and none of us will live to retirement age as things currently stand.

    • Cryophilia@lemmy.world
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      2 months ago

      Thus millennial thinks hopes we will all die in 10 years or so from climate related disasters and none of us will live to retirement age as things currently stand so they don’t have to worry about retirement.

      Ftfy. The entire “collapse” thing is a coping mechanism.

      • LustyArgonianMana@lemmy.world
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        2 months ago

        We can have different opinions. Imo climate change denialism is a cope. I also hedge my bets by also planning for retirement. But as it stands, we’re all on hospice.

        • Cryophilia@lemmy.world
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          Imo climate change denialism is a cope.

          I agree. And I think both doomerism and denialism are encouraged by the fossil fuel industry, because they both lead to inaction.

          The reality is:

          • the climate is getting worse because of fossil fuels
          • through action, we can make it less worse
          • this action will be difficult
          • this action will cause a lot of very rich people and companies to lose money
          • LustyArgonianMana@lemmy.world
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            2 months ago

            Maybe, but we’re getting into a classic discussion about nihilism here when it comes to doomerism - if nothing matters, how should I feel? Depressed, or finally free to do whatever since it doesn’t matter anyway?

            The reality is:

            As of 2021, according to SRI, we had already gone beyond the safe limit for five of these planetary boundaries: • climate change; • biogeochemical flows (i.e., excessive phosphorus and nitrogen pollution from fertilizer use); • biosphere integrity (e.g., extinction rate and loss of insect pollination); • land-system change (e.g., deforestation); • and novel entities (e.g., pollution from plastics, heavy metals, and what are commonly referred to as “forever chemicals”).

            In an April 2022 update, SRI found that a portion of a sixth planetary boundary – fresh water use – had also been crossed. In addition, in a June 2021 interview with the journal Globalizations, Dr. Will Stefan of SRI said that a seventh planetary boundary had also likely been crossed: ocean acidification (one that has been theorized as a key contributor to previous mass extinction events in geologic history). One other boundary has been too uncertain to judge: atmospheric aerosols from fine particle pollution caused by fossil fuel combustion. Yet, we are clearly pushing this boundary too, when considering that air pollution from burning fossil fuels has been blamed for 8.8 million deaths worldwide per year.

            If a used car salesman said, “just get this baby a new engine, new transmission, new brakes, tires, and new radiator and she’ll be perfect!” Would you buy the car or trust that’s everything wrong with it? Or would you assume it’s “as is” or worse?

            Best case scenario, we put up a gigantic aluminum or whatever space blanket in space to reflect a certain percentage of the sun’s energy to buy us some time. But it doesn’t appear to be happening.

            Because the rich genuinely think they are immune to the laws of science. Look at the Titanic sub - they will bet their own lives on their hubris. Including with the planet.

            • Cryophilia@lemmy.world
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              If a used car salesman said, “just get this baby a new engine, new transmission, new brakes, tires, and new radiator and she’ll be perfect!” Would you buy the car or trust that’s everything wrong with it? Or would you assume it’s “as is” or worse?

              I kinda did that. Not with a car, but a house. Bought my mom a cheap shitty house because she’s poor as shit and I’m trying to get her to be able to retire with some dignity.

              But it’s a start. We have the house. We just redid the plumbing. Next the foundation. Next the electrical, then the hvac. Improving over time as we have the money and the capacity. Eventually, it will be a perfectly fine, liveable house.

              It’s a LOT of work. And ridiculously expensive. But it’s DOABLE, and buying a “normal” house is NOT doable because they’re crazy expensive nowadays. We improve as we can, and over time things get better as long as we keep moving forward.

              That’s what I think the best case scenario is for the planet. Renewables. Electric vehicles. Public transit. Carbon capture. Reforestation. Zero waste. I have a vision of a planet Earth in 500 years that is not an apocalyptic hellhole, but a green, vibrant, forward looking one, mildly embarrassed about how their ancestors let things get so bad before fixing it.

              We can do that. A lot of us are working towards it.

              • LustyArgonianMana@lemmy.world
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                2 months ago

                Yes, with a house and just you and your mom, it’s doable. Even with a car, it’s doable. Why? Because it’s been done before (so parts are already made, how to guides, etc), not an entire planet of 8 billion people AND a completely new series of issues we have to engineer around and can’t fuck up or we all literally die. We also don’t have the time (like we are out of time) to implement much.

                I think trying to fix it is completely imperative. I simply don’t believe it will get fixed. It should be fixed, yes, imo - but I doubt it will be. Partially because our government isn’t taking serious action to do so. Partially because every environmental scientist, environmental engineer, biologist, ecologist, I know is extremely depressed or suicidal.

                The worst thing that would happen if you didn’t fix up that house, is that you’d be living in bad conditions but not unlivable ones. The amount of dissociation people have from the seriousness of what’s going on around us is stunning. I assume a profound lack of education about the environment or biology. Things are bad.

                • Cryophilia@lemmy.world
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                  Partially because our government isn’t taking serious action to do so. Partially because every environmental scientist, environmental engineer, biologist, ecologist, I know is extremely depressed or suicidal.

                  Look, this is lemmy. Everyone and their fucking dog is suicidal here. It’s damn near a death cult.

                  it’s doable. Why? Because it’s been done before

                  That’s not an issue. We have the science. Sure, there are efficiency gains from improved science, but it’s not like we’re fumbling in the dark here. We know exactly what we need to do and how to do it. And it’s not a braindead simplistic soundbyte like “just do a revolution” or “everyone bike everywhere”. It’s complex, it’s complicated, but it is known. Stop using fossil fuels. Start using renewables. Capture the carbon that has already been released. It’s a super simple equation. It’s like dieting, you can have all the fancy diets in the world but the absolute core of it is that you need to take in less calories than you burn in order to lose weight.

                  or we all literally die.

                  That’s not true and I can tell you’re smart enough to know it, so I won’t dwell on it. But it dovetails into the next point

                  We also don’t have the time (like we are out of time)

                  It’s not a binary. We have passed the threshold where we can prevent negative effects. In that sense, we are out of time, yes. Species have gone extinct and we can’t get them back. Not like, “very soon this will happen”, but like “this has already happened”. It will keep getting worse. That’s how you have to think of it. Not like a video game. Not like “fix the problem in x years or else we all immediately die, game over!” It’s “the longer it takes to fix, the worse the world gets in the mean time.”

                  I believe, as long as the US doesn’t fall into a regressive fascist science-denying hellhole (which is a whole nother thing but bears mentioning), we will fix it. Possibly in my life time, or at least be on a trajectory to complete recovery (minus extinct species) within my lifetime. A lot of people are putting a lot of money and time and effort into it.

  • the post of tom joad@sh.itjust.works
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    2 months ago

    What a quaint question. I honestly wonder if I’ll live my full life and die with a dignity instead of how i suspect, with a fistfull of dirt and a pigs boot on my skull.