Say goodbye to retirement? A 'soft saving' trend is emerging among young people
www.cnbc.com
Generation Z is leading the "soft saving" trend, a new financial approach that prioritizes personal growth and mental wellness over aggressive saving goals.

Traditionally, retiring entails leaving the workforce permanently. However, experts found that the very definition of retirement is also changing between generations.

About 41% of Gen Z and 44% of millennials — those who are currently between 27 and 42 years old — are significantly more likely to want to do some form of paid work during retirement.

…

This increasing preference for a lifelong income, could perhaps make the act of “retiring” obsolete.

Although younger workers don’t intend to stop working, there is still an effort to beef up their retirement savings.

It’s ok! Don’t ever retire! Just work until you die, preferably not at work, where we’d have to deal with the removal of your corpse.

  • Flying Squid@lemmy.world
    23·
    11 months ago

    I’m not a financial wizard, “homie.” It’s not my area of expertise. I wouldn’t try doing surgery on myself either.

          • Flying Squid@lemmy.world
            33·
            11 months ago

            Financial advisors also exist for a reason. And they aren’t bankers. Bankers don’t even give financial advice when it comes to investment to have money for retirement, so I’m not sure why you keep bringing up bankers.

        • Cosmic Cleric@lemmy.worldEnglish
          1·
          11 months ago

          Don’t be your own worst enemy.

          Getting good sound advice for free is a rare event, one that shouldn’t be passed up on.

    • JasSmith@sh.itjust.works
      21·
      11 months ago

      Diversification isn’t brain surgery. It just means buy different things. Put some into a savings account, some into your retirement account, and some shares of VOO. Consider property, gold, bitcoin, bonds, and whatever else floats your boat. Spend a few hours on Google and you’re good to go. You can obviously read and you have the internet so you’ll have no issues with any of this.

      • Flying Squid@lemmy.world
        27·
        11 months ago

        I have no idea what VOO means. I don’t have time to research this sort of thing. I sincerely doubt you can learn enough in a few hours on Google to ensure proper retirement investment. I think that is highly unlikely and if that is what has done it for you, you’ve just been lucky.

        Business schools in universities exist for a reason. MBAs exist for a reason.

        • JasSmith@sh.itjust.works
          3·
          11 months ago

          I have no idea what VOO means.

          Since you can read and you have the internet, you could find out what VOO is within seconds. This learned helplessness routine of yours is not believable. You don’t need an MBA to open a bank account, or an account with a broker.

        • I_Fart_Glitter@lemmy.world
          2·
          11 months ago

          You know how every bank commercial says “FDIC insured” at the end? That means you’ve got insurance on your money in there up to $250K. Don’t put more than that in any account or a crash may disappear it. This is why you diversify.

          https://www.investopedia.com/articles/investing/121814/look-vanguards-sp-500-etf.asp

          The Vanguard S&P 500 ETF (VOO) is a fund that invests in the stocks of some of the largest companies in the United States. VOO is an exchange-traded fund (ETF) that tracks the S&P 500 index by owning all of the equities within the S&P 500. The S&P 500’s investment return is considered a gauge of the overall U.S. stock market.

          An index is a hypothetical portfolio of stocks or investments representing a specific portion of the market or the entire market. The S&P 500 and the Dow Jones Industrial Average (DJIA) are both examples of broad-based indexes. Investors cannot invest in an index. Instead, they can invest in funds that mirror an index.