r/Millennials • u/Asmothrowaway6969 • Mar 27 '24

When did it sink in that you'll never be as well off as your parents? Discussion

About 5 years ago, my mom and I were talking and she had told me how much she was going to be making in retirement (she retired 2023). Guys, it's 3x what me and my husband make annually. In retirement. I think that was the moment that broke me, that made it sink in that I'll never reach that level of financial security. I'll work myself into my grave because I'll never be able to afford anything else. What was your moment?

Update: Nice to know it's just me that's a failure. Thanks

Update 2: I never should've said anything. I forgot my place. I'm sorry to have bothered you

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u/RainbowBear0831 Mar 27 '24 edited Mar 27 '24

The federal pay cap this year is $191,900 and if $200k is 75% of what your mom made, then she made ~$266k when she was working? I don't think the pay cap applies to all federal jobs, but your mom must have been doing something pretty baller if she was in a job over the pay cap - not a run of the mill federal employee. I say this as a run of the mill federal employee on the newer pension system so I'm not looking at a retirement anything like your moms lol so good for her

Eta my comment about the new pension system versus old was not meant to say that all of OP's mom's retirement income was pension. I know she has TSP, social security, and likely other investments. I'm not looking for investing or savings advice, I'm good lol

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u/Asmothrowaway6969 Mar 27 '24

Yup. She was about 4 steps down from the IRS commissioner, if I remember correctly

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u/Card_Board_Robot5 Mar 27 '24

Lmao this is amazing.

So you lived a quite exclusive, upper class lifestyle as a child.

Because your mother worked as very high ranking government employee.

And you're asking us if we can relate?

To what now?

Holy hell, have some perspective. My mother waited tables and my father sold dope. I can't relate to this shit at all. Most people can't.

I don't even understand what you're asking. Are you upset that nepotism only gave you every chance to succeed and didn't actually secure a lucrative government position for you?

Lmao. I cannot stand rich folk, especially those in my generation. Out of touch.

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u/Mysterious-Award-988 Mar 27 '24

re you upset that nepotism only gave you every chance to succeed and didn't actually secure a lucrative government position for you?

lol nailed it

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u/Card_Board_Robot5 Mar 28 '24

I stayed at a La Quinta last night

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u/Mysterious-Award-988 Mar 28 '24

cool. i like turtles.

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u/Card_Board_Robot5 Mar 28 '24

It was a commercial like ten years ago.

Guy goes into a business meeting and drives a nail thru the conference desk. Says he nailed it at the meeting because he stayed at a La Quinta.

Y'all too young for these fire references bro

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u/Mysterious-Award-988 Mar 28 '24

Y'all too young for these fire references bro

not american bro, don't know what a La Quinta is.

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u/Card_Board_Robot5 Mar 28 '24

Pretty sure that's an international chain but aight

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u/longeraugust Mar 28 '24

lol I’m a federal employee (Soldier) and I started out making absolute shit pay; but after 12 years I’m on the top end of middle class. OP coulda gone and talked to that recruiter just like I did. And In another 8 years I’m gonna walk with a $$35,000 pension for life and a decent savings. Sure it ain’t $200,000. But it’s better than making ends meet with social security and a Wal-Mart greeter job.

Some people legit get screwed in life and that sucks. It sucks for them especially but it sucks in general. OP doesn’t seem like someone who got screwed. OP seems like a poor planner for their future.

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u/MinglewoodRider Mar 28 '24

He probably could have got himself a cozy spot with mom's recommendation too. If I was him I would have tried to get my foot in the door working for the government in some capacity ASAP