Millennials: The First Generation Not to Retire

Education is more important than we think

Many people think that retirement is a thing for people over 50, but those who think this way are wrong.

Some even treat this subject in different ways and for different reasons: lack of information, lack of long-term vision, or inertia to do nothing.

Others associate retirement with the moment when most workers will have to enjoy without stress the life they used to lead in their 9 to 5 jobs. Nothing is further from the truth.

However, not everyone will be able to enjoy the retirement they dreamed of.

The reason is that most people I know who save for retirement started late and others are stuck in welfare plans.

We Have to Work Longer

Interestingly, although we live longer, no one has thought about working longer.

In other words, you cannot receive 85% of your salary as a pension for 30 years after you have contributed 26% of your salary (employee + employer) for 40 years, that is exactly what we want to do.

The solution is simple: we need to work more and earn more money.

We Need to Save More Money

Saving is associated with the future of children, marriage, and the birth of a child while saving for retirement is secondary.

You need to invest in assets that will generate income when you retire, and these assets must be protected at all costs.

Moreover, pension savings only ensure good risk diversification and the chances of earnings in relation to inflation.

Mental Health Does Not Decrease As We Age

Let’s stop equating illness with normal aging.

Most people in old age do not have Alzheimer’s or Parkinson’s or other similar diseases.

We greatly underestimate the knowledge of those who age.

Also, emotional (mental) health increases with age because people become less stressed, less impatient, and generally less nervous.

Education Is More Important Than We Think

There is a general belief that although we live many years, the years at the end of life equate to health problems. The reality is different.

Studies show that the retirement years are the healthiest years of an individual’s life.

The concept of lifelong learning is stronger than a simple slogan. Unfortunately, most people have a very low level of financial education.

We will need to include subjects such as “Financial Planning” in the curriculum:

Financial education is essential for any student to understand how systems work, what savings/investment methods they have at hand, and what inflation, capital, checking account, types of interest, etc. mean.

One of my teachers said that if he were Minister of Education, he would introduce the mandatory Monopoly game among students. That would not be a bad idea.

It’s up to us not to be completely dependent on others and “make ourselves a summer sled”.

Here is how I am building my financial empire so that I don’t have to worry about retirement because I am not retiring.