171. Can Millennials Even Retire?

Build A Wealthy Spirit

We received this piece entitled “Millennials want to retire by 60. Good luck with that.” from Michael, a listener of this podcast who wanted to know our thoughts. This piece, published in USA Today, reflects the click-bait content that is out there to scare people while not providing guidance on how to make changes.

In this episode, Michelle and I go through this piece and point out the flaws in the article. We also talk about how to think about whether we can retire or not using well-studied research like the Trinity Study and data about our individual spending and saving patterns.

We target this piece, not because it is unique, but because so much information is out there that is meant to inflame without benefitting the reader. Have you seen a piece, TikTok, Youtube video, Instagram post, etc. that has done this? Post in the comments below so we can all evaluate it together.

Show Notes:

• USA TODAY: Millennials want to retire by 60. Good luck with that.
• The Trinity Study on Withdrawal Rates: Retirement Savings: Choosing a Withdrawal Rate That Is Sustainable
• Our episode about the 4% rule for calculating your retirement number
• The Shockingly Simple Math Behind Early Retirement by Mr. Money Mustache includes a savings rate chart.

Community Time
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