I plan to retire outside the United States. I don’t think retiring in the US is possible anymore given the unstable nature of the job market and deflation in wages and high inflation making saving enough for retirement just a fantasy.
Take the typical student graduating today with $50,000 or more of student loan debt and faced with buying entry level homes for $350,000 and up… between paying student loans, saving up for emergencies, paying for kids, skyrocketing health care costs, skyrocketing gas and commodity prices, dealing with unexpected emergency expenses, dealing with unexpected layoffs where exactly are they going to get the money to ALSO save the $2 or 3 million it will take to live the 30 years of retirement?
One extended layoff and everything will be wiped clean and then they start over? How many times will they start over?? It’s a vicious circle…
And, this generation cannot count on Social Security at all! And who knows what will happen to Medicare, that may not exist too!
The problem with the previous generation is that they preach everything, the fact is that they have just been RIDICULOUSLY lucky to have SOLID jobs with pensions, low costs of living throughout their earning lifetime, a super stable job market relatively speaking, low cost for housing and all entitlements intact – SS, Medicare etc. That is not the situation for the current generation.
