+
upworthy
Education

How much money do you need to retire? Experts answer the question and explain what went wrong.

"That also means there's quite a few people that haven't saved anything."

retirement; planning for retirement; millennials can't retire; millennials and retirement
Photo Credit: Arthon Meekodong via Canva

Experts answer how much money you need to retire, we're behind

If you're like many middle class Millennials then you've likely resigned yourself to never being able to retire. It's a running joke amongst people entering middle-age that their retirement age is death. Meaning they've accepted that they'll likely work until they die of old age because there's no way they'll be able to put away enough money in the next 20 plus years to be able to retire.

This isn't even just a Millennial issue, it's simply more wide spread for this particular generation as wages stagnate while the cost of existing continues to skyrocket. But we've seen adolescents open up GoFundMe pages for elderly workers at their local Walmart or McDonald's who were well past the age of retirement trying to make ends meet.

Millennials have been told since they were in middle school that social security would likely not be around when they were old enough to retire. But how did it come to this and exactly how much do you need in order to retire?


Vox conducted an interview with a couple of financial experts and people who would be considered middle class. The video opens up with Teresa Ghilarducci, a labor economist, that gives some staggering figures if you're one of those Americans already feeling behind on retirement.

"If you want to maintain your living standards that you have now or you'll have throughout your life, in the American system by the time you're 30 you should have about one times your current salary. By the time you're 40 you should have about two and a half or three times your salary. In your 60s you should have eight to ten times your annual salary," Ghilarducci reveals to Vox.

Those numbers seem unrealistic, even to the expert interviewed when looking at today's economy. She later explains why retirement is becoming an unachievable dream for many working Americans.

"The reason why a coal miner and a lawyer could expect to retire is because of the design of our pension system, which we don't have anymore. Your employer would put money aside for your retirement and that money couldn't be accessed by you. So the dollar that the employer put in on your behalf was put into a big pool of money and it was professionally invested and at the end of your working life, that money would be translated into a lifetime benefit."

According to both of the financial experts interviewed, the laws changed about 40 years ago switching things over to more of the system we recognize today. The entire video is extremely eye opening. Check it out below.

popular

People are baffled to find out they've been burning candles wrong their whole lives

There's an art to avoiding the "memory ring" that makes a candle tunnel around the wick.

The "tunnel" that often forms around a wick isn't supposed to be there.

The evolution of candles from lighting necessity to scented ambience creator is kind of funny. For thousands of years, people relied on candles and oil lamps for light, but with the invention of the light bulb in 1879, fire was no longer needed for light. At that time, people were probably relieved to not have to set something on fire every time they wanted to see in the dark, and now here we are spending tons of money to do it just for funsies.

We love lighting candles for coziness and romance, relishing their warm, soft light as we shrink from the fluorescent bulb craze of the early 2000s. Many people use candles for adding scent to a room, and there are entire candle companies just for this purpose (Yankee Candles, anyone?). As of 2022, candles were an $11 billion business.

With their widespread use, you'd think we'd know a thing or two about candles, but as a thread on X makes clear, a whole bunch of us have been burning candles wrong our entire lives without knowing it.

Keep ReadingShow less
Joy

When a newborn lamb was rejected by her mother, the family dog stepped in to nurture her

A mother's urge to care for a baby is one of the strongest instincts in the animal kingdom

@oliviajaneakers/TikTok (used with permission)

Max took over when Beau's mom refused to care for her.

A mother's urge to care for a baby is one of the strongest instincts in the animal kingdom, but sometimes something somewhere along the line goes haywire. Occasionally, a mom will reject its offspring, refusing to nurture or feed or care for it in any way.

That's what happened to baby Beau, a lamb born to a sheep on Olivia Akers' farm.

"Beau’s mom didn’t want to be a mom. I don’t have an exact answer as to why," Akers shared on Instagram. "I tried EVERYTHING under the sun to get her to accept Beau. Rubbing the placenta for scent, also tried with her milk, giving them time in close quarters. She got progressively more violent, telling me she didn’t want to do this. So I listened."

Keep ReadingShow less
Family

Woman goes to huge lengths to adopt husband's ex-wife's baby to save him from foster care

She had lived in foster care and didn't want it for the newborn with no name.

Christie Werts and her son, Levi

Christie and Wesley Werts have taken the idea of a blended family to the next level. When the couple fell in love five years ago and married, they brought together her children, Megan and Vance, and his children, Austin and Dakota.

As of January, the Ohio family has five children after adopting young Levi, 2. Levi is the son of Wesley’s ex-wife, who passed away four days after the child was born. The ex-wife had the boy prematurely, at 33 weeks, and died soon after from drug addiction and complications of COVID-19.

When Levi was born, he was a ward of the state with no first name or birth certificate.

Keep ReadingShow less
@Austin Usher/TikTok (used with permission)

Imagine trying to calculate the odds on this one.

If you want to see the most hilarious race in the world, line up a group of crawling babies across from a parent and say "Ready, set, go!"

That's exactly the scenario that played out at a Savannah Bananas baseball game, and the result was one for the record books.

If you're unfamiliar with the Savannah Bananas, you're in for a treat. Think Harlem Globetrotters, but with baseball instead of basketball and with even more silliness and shenanigans. The athletic skill is there, make no mistake, but the primary goal is to entertain. And goodness, do they win on that front every time.

Keep ReadingShow less
SOURCE: TIKTOK

Little secrets to be found.

Today, half of the Internet learned that Jeep vehicles have hidden 'Easter eggs' on them. Apparently, the other half already knew but didn't bother to tell us.

As Joel Feder of Motor Authority explains, Jeep vehicles have had these little surprises since the 90s. Michael Santoro, hired as a designer in 1989, decided to slip an Easter egg into the Wrangler TJ. Since then, pretty much every vehicle has included at least one Easter Egg. According to Mopar Insiders, the Easter eggs can be found on each of the brand's cars.

Not everyone was aware of this fact, though, as a TikTok by jackiefoster40 recently revealed. The user discovered a spider hidden in his fuel tank and decided to share the Easter egg in a video.

Keep ReadingShow less
Science

When these drones zoom in over elephants and rhinos, they stop horrible things from happening.

A shepherd watches over sheep. Watching over elephants and rhinos? Not so easy.

via The Lindbergh Foundation

Drone footage from the Aerial Shepherd.


This is a story about something really exciting.

Before I get into it, let me set the stage by explaining the terrible problem it's solving.

10 years.

That's how long it'll be until the last wild elephants and rhinoceroses are gone.

100 of them are killed every day by poachers.

Even though elephants and rhinos are legally protected, the amount of money that can be made from the ivory in their tusks is just too much for some people to resist.

Keep ReadingShow less