Geekzone: technology news, blogs, forums
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.

3144 posts

Uber Geek

# 257232 21-Sep-2019 09:31
Send private message

Millennials seem depressed about retirement prospects.

At least Kiwis will have better prospects than their American counterparts. Kiwis will still have to live in a van next to a seawall, but at least they'll have healthcare.

Millennials are taking to Twitter to roast their own retirement plans, which include hoping their kids become millionaires and buying oceanfront property once the sea levels rise
  • The hashtag #MillennialRetirementPlans was trending on Twitter this week.

  • Millennials used the hashtag to jokingly ponder their financial future, questioning whether or not retirement is even plausible.

  • While funny, the tweets shed light on how millennials feel about the widening generational wealth gap caused by astronomic student-loan debt and skyrocketing housing costs.
“Work yourself to death and you won’t have to worry about retirement,”


#MillennialRetirementPlans Is the Saddest, Truest Hashtag on the Internet Right Now

You know what they say: If sky-rocketing college tuition, housing prices, and healthcare costs combined with stagnant wages makes you feel completely helpless about your financial future, the best thing to do is tweet about it.

Ok, ok … so obviously no one says that.

But thousands of millennials on the internet are leaning into the whole, I’d-rather-laugh-than-cry-strategy with #millennialretirementplans, a hashtag that zeroes in on the systemic financial challenges their generation faces.

Create new topic
13324 posts

Uber Geek

Lifetime subscriber

  # 2321850 21-Sep-2019 09:43
2 people support this post
Send private message quote this post

Americans do well enough with things like 401K plans that are far more tax-efficient savings vehicles than anything on offer here in NZ, with better employer contributions etc. British people get tax relief on pensions and also have tax free savings vehicles like ISAs and so on. 




For those not familiar with the 401K




"In the United States, a 401(k) plan is the tax-qualified, defined-contribution pension account defined in subsection 401(k) of the Internal Revenue Code.[1] Under the plan, retirement savings contributions are provided (and sometimes proportionately matched) by an employer, deducted from the employee's paycheck before taxation (therefore tax-deferred until withdrawn after retirement or as otherwise permitted by applicable law), and limited to a maximum pre-tax annual contribution of $19,000 (as of 2019).[2][3]


Other employer-provided defined-contribution plans include 403(b) plans for nonprofit institutions, 457(b) plans for governmental employers, and 401(a) plans. These plans may provide total annual addition of $56,000 (as of 2019) per plan participant, including both employee and employer contributions."




For those not familiar with an ISA :




"How ISAs work


There are 4 types of Individual Savings Accounts (ISA):


cash ISA
stocks and shares ISA
innovative finance ISA
Lifetime ISA
You do not pay tax on:


interest on cash in an ISA
income or capital gains from investments in an ISA
If you complete a tax return, you do not need to declare any ISA interest, income or capital gains on it.


Putting money into an ISA
Every tax year you can put money into one of each kind of ISA. The tax year runs from 6 April to 5 April.


You can save up to £20,000 in one type of account or split the allowance across some or all of the other types.


You can only pay £4,000 into your Lifetime ISA in a tax year."




In NZ the only way to save tax-free is to buy we get over-invested in houses and lo and behold - not enough houses etc.


So there are ways to save; the questions are about whether the individual is actually saving and whether they make the correct choices at school and university etc to ensure a well-paid job down the line. Americans also get some other helpful things like 35 year fixed rate mortgages etc.



Create new topic

Twitter and LinkedIn »

Follow us to receive Twitter updates when new discussions are posted in our forums:

Follow us to receive Twitter updates when news items and blogs are posted in our frontpage:

Follow us to receive Twitter updates when tech item prices are listed in our price comparison site:

News »

Arlo unveils its first video doorbell
Posted 21-Oct-2019 08:27

New Zealand students shortlisted for James Dyson Award
Posted 21-Oct-2019 08:18

Norton LifeLock Launches Norton 360
Posted 21-Oct-2019 08:11

Microsoft New Zealand Partner Awards results
Posted 18-Oct-2019 10:18

Logitech introduces new Made for Google keyboard and mouse devices
Posted 16-Oct-2019 13:36

MATTR launches to accelerate decentralised identity
Posted 16-Oct-2019 10:28

Vodafone X-Squad powers up for customers
Posted 16-Oct-2019 08:15

D Link ANZ launches EXO Smart Mesh Wi Fi Routers with McAfee protection
Posted 15-Oct-2019 11:31

Major Japanese retailer partners with smart New Zealand technology IMAGR
Posted 14-Oct-2019 10:29

Ola pioneers one-time passcode feature to fight rideshare fraud
Posted 14-Oct-2019 10:24

Spark Sport new home of NZC matches from 2020
Posted 10-Oct-2019 09:59

Meet Nola, Noel Leeming's new digital employee
Posted 4-Oct-2019 08:07

Registrations for Sprout Accelerator open for 2020 season
Posted 4-Oct-2019 08:02

Teletrac Navman welcomes AI tech leader Jens Meggers as new President
Posted 4-Oct-2019 07:41

Vodafone makes voice of 4G (VoLTE) official
Posted 4-Oct-2019 07:36

Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.

Support Geekzone »

Our community of supporters help make Geekzone possible. Click the button below to join them.

Support Geezone on PressPatron

Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.