I wish Congress or say corporate boards would do the same.
More Americans are considering retirement
11–20 of 101 posts
Re: More Americans are considering retirement
#12rise in popularity of FIRE lifestyle with everyone in their late 20s too
Re: More Americans are considering retirement
#13Earlier quoted context omitted.
Here's what a FAANG software engineer can expect to have at retirement: https://docs.google.com/spreadsheets/d/1Ryu_-mVYxSdJbW8lmf1z...
The idea that the FAANG gravy train can last 30 years is not realistic. If at least half the letters in FAANG aren't blown away in that time period, it would suggest a tech environment so stagnant that it would be impossible to justify the compensation. And lasting 30 years at a surviving FAANG company is such a low-probability prospect that it's not something reasonable to include in any future planning. Very few FA…
The idea that professional software developers will have their negotiating power depleted is preposterous.
Barring an AGI that can take care of knowledge work, companies will continue to pay a premium to developers because they are often times the core value creators of the business. Even in traditional areas like finance, quants with CS PhDs are displacing Harvard MBA’s trading on fundamentals b/c their returns blow the latter out the water.
Re: More Americans are considering retirement
#14I would love to consider retirement, but it turns out that our currency is worthless if it can't buy the things we need and want
Re: More Americans are considering retirement
#15Earlier quoted context omitted.
Here's what a FAANG software engineer can expect to have at retirement: https://docs.google.com/spreadsheets/d/1Ryu_-mVYxSdJbW8lmf1z...
The idea that the FAANG gravy train can last 30 years is not realistic. If at least half the letters in FAANG aren't blown away in that time period, it would suggest a tech environment so stagnant that it would be impossible to justify the compensation. And lasting 30 years at a surviving FAANG company is such a low-probability prospect that it's not something reasonable to include in any future planning. Very few FA…
I almost fully agree with you, but a small part of me wonders if this is different, and we've created a sort of aristocracy that exists outside of normal competition and the rise and fall of companies. In some measure, it's going to depend on modernization of monopoly regulations. But I think there is an outside chance that were due for 50+ years of stagnation and increasing inequality, after the sort of cambrian explosion of tech we've seen since the 70s
Re: More Americans are considering retirement
#16Earlier quoted context omitted.
Here's what a FAANG software engineer can expect to have at retirement: https://docs.google.com/spreadsheets/d/1Ryu_-mVYxSdJbW8lmf1z...
The idea that the FAANG gravy train can last 30 years is not realistic. If at least half the letters in FAANG aren't blown away in that time period, it would suggest a tech environment so stagnant that it would be impossible to justify the compensation. And lasting 30 years at a surviving FAANG company is such a low-probability prospect that it's not something reasonable to include in any future planning. Very few FA…
OK, so what is your estimate of net worth for a software engineer retiring today after 30 years in the industry?
Re: More Americans are considering retirement
#17Earlier quoted context omitted.
Not really. Most boomers and are not rich at all. Go to your local food store and you will probably find plenty of older employees...it's not just 20-somethings who are stuck in crappy professions or in a rut. Many boomers did not save for retirement and face the same problems young people do. Also there are plenty of 20 and 30-year-olds on Reddit (such as on investing and FIRE subs) and hacker news who have sizable…
Your anecdotes are absolutely not backed up by the data: https://www.marketwatch.com/story/this-depressing-chart-show...
By looking only at share of wealth, this is missing the fact that total wealth in the US has grown tremendously over the time period in question. In absolute terms, the inflation-adjusted amount of wealth held by the Baby Boomer and Millennial generations at similar ages is about the same.
In 1989 (the first year in the Fed's data), the Baby Boomer generation held $4.33T in wealth, which would be $9.5T in today's dollars, while in 2021, the Millennial generation held $7.47T in wealth [1]. While that's a little bit less, it's important to keep in mind that the median age of the Baby Boomer generation was 34 in 1989, vs 32 for the Millennial generation in 2021. If you linearly extrapolate Millennial wealth growth, the generation would hold $10.5T in wealth at a similar age.
So what the linked chart really reflects is that the total size of the pie has gotten much larger in the past 30 years. Most of the increase has gone to older generations, but I think that's neither surprising nor undesirable -- after all, 30 years ago, the Millennial generation ranged from not being born yet to elementary school. Will the pie continue to grow over the next 30 years so that Millennials can see a similar increase in wealth (and hear complaints from the kids being born right now)? I'd imagine that's largely up to the decisions we make today.
[1] https://www.federalreserve.gov/releases/z1/dataviz/dfa/distr...
Re: More Americans are considering retirement
#18This sounds absolutely wonderful to me. At this point we have 2 generations straining for opportunities and advancement while the wealthiest and luckiest generation in the history of the country sits at the top of the ladder. Time for them to go enjoy their good fortune in Florida and let the rest of us crack into that turf they've been hoarding.
This take only makes sense if you assume the next 40 years will be similar to the last 40.
Re: More Americans are considering retirement
#19That's me.
After five years out of the rat race, you couldn't drag me back with a locomotive. I just turned down a fairly enticing prospective offer this morning. I was flattered, but I'm really having a blast. The money would be nice, but the aggravation would not be nice.
I didn't actually want to be here. No one wants to work with us "olds," so it's not like I had a choice. I could have gotten a job, but the only companies that showed any interest, made it clear that I would be treated like garbage.
I've been amazingly productive over the last five years. It's crazy how good things are, without middle managers (Disclaimer: I wuz one) pissing all over my work.
Re: More Americans are considering retirement
#20This sounds absolutely wonderful to me. At this point we have 2 generations straining for opportunities and advancement while the wealthiest and luckiest generation in the history of the country sits at the top of the ladder. Time for them to go enjoy their good fortune in Florida and let the rest of us crack into that turf they've been hoarding.
Not really. Most boomers and are not rich at all. Go to your local food store and you will probably find plenty of older employees...it's not just 20-somethings who are stuck in crappy professions or in a rut. Many boomers did not save for retirement and face the same problems young people do. Also there are plenty of 20 and 30-year-olds on Reddit (such as on investing and FIRE subs) and hacker news who have sizable…
Except the vast majority of them own property that they originally purchased for under $50k which, if sold, would net them hundreds of thousands or even millions of dollars. Many of them are on pensions (something that doesn't even exist anymore), plus they receive social security payments.