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‘Will I ever retire?’: millennials wonder what’s on the other side of middle age (www.theguardian.com)

submitted 5 months ago by [email protected] to c/[email protected]

239 comments fedilink hide all child comments

Claire*, 42, was always told: “Follow your dreams and the money will follow.” So that’s what she did. At 24, she opened a retail store with a friend in downtown Ottawa, Canada. She’d managed to save enough from a part-time government job during university to start the business without taking out a loan.

For many years, the store did well – they even opened a second location. Claire started to feel financially secure. “A few years ago I was like, wow, I actually might be able to do this until I retire,” she told me. “I’ll never be rich, but I have a really wonderful work-life balance and I’ll have enough.”

But in midlife, she can’t afford to buy a house, and she’s increasingly worried about what retirement would look like, or if it would even be possible. “Was I foolish to think this could work?” she now wonders.

She’s one of many millennials who, in their 40s, are panicking about the realities of midlife: financial precarity, housing insecurity, job instability and difficulty saving for the future. It’s a different kind of midlife crisis – less impulsive sports car purchase and more “will I ever retire?” In fact, a new survey of 1,000 millennials showed that 81% feel they can’t afford to have a midlife crisis. Our generation is the first to be downwardly mobile, at least in the US, and do less well than our parents financially. What will the next 40 years will look like?

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[–] [email protected] 28 points 5 months ago (2 children)

Now try being a mid 30s millenial that couldn't even make it running a business

[–] [email protected] 14 points 5 months ago (2 children)

For real. I'm over here having a mid-life crisis since I was 27.

[–] [email protected] 7 points 5 months ago (1 children)

That was your "quarter-life crisis". Don't worry your mid-life crisis is still on its way :D

[–] [email protected] 5 points 5 months ago

Goddamn right, I thought the quarter was rough, I was wrong

[–] [email protected] 2 points 5 months ago

i felt like that at 28 after my 3rd layoff, i'm in my early 40's now and still feel this way and wish the article had something to share besides describing my life using other people as an examples.

[–] [email protected] 3 points 5 months ago (1 children)

Running a business is way harder than just being a worker. I don't understand what you mean by this.

[–] [email protected] 3 points 5 months ago (1 children)

in the article someone with a successful business is worried about home affordability and retirement. elsewhere someone with an unsuccessful business is worried about both of those things plus the business bleeding money. I'm referring to myself. I ended my so called business, quitting while I was behind because there is no getting ahead of the explotative big players without drowning in stress and never having time to relax or enkoy life.

[–] [email protected] 3 points 5 months ago (1 children)

Aw shit I did the classic reddit thing and only read the headline. Sorry, that's my bad.

[–] [email protected] 4 points 5 months ago

I do that all the time too.