Broke and 30? Here’s What People Are Saying To Do!

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By Zobia Shazi


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As the cost of living is rising continuously and the future of social security remains uncertain, many Americans struggle need help to save enough money for retirement. Recently, people shared their thoughts and experiences on retirement planning in an online finance community.

1. Turning 30 Without Savings: A Dire Situation in the U.S.

According to one, the situation for those who turn 30 without savings in the U.S. is dire. The person noted that individuals in this position would likely have to rely on social security, keep working indefinitely, or depend on family members for financial support.

They also pointed out that they are not alone, citing a U.S. government report from 2019 that estimated 29% of Americans retire without any savings.

2. Retiring with Little Saved: Overcoming Financial Adversity

Another individual shared their experience of reaching retirement age with not much saved. They revealed that most of their savings were spent caring for a parent with severe health issues who abused them as a child.

Despite their efforts to eliminate debt, moving to a low-cost area and bought an affordable house. They are still preparing to retire with not much more than social security to live on. They plan to spend the next two years maxing out their IRA contributions, but it still won’t be enough.

3. Unexpected Life Events: Impact on Retirement Savings

One explained unexpected life events could significantly impact the financial stability of retirement. However, this person and their spouse had a decent start on savings, including a 401k.

Their lives changed when the husband was diagnosed with cancer. Even with insurance, they had to withdraw $13,000 to pay for his treatment.

4. Financial Uncertainty at 30: Navigating the Future

Someone, 30 years old and facing the same financial uncertainty, chimed in with their thoughts. The person expressed concern for their generation’s economic future, acknowledging that many individuals their age are without savings. Yet, despite this uncertainty, they remained optimistic and vowed to do their best.

5. Securing a Decent Retirement: Government Jobs and Third-World Living

Another user suggested getting a government job to secure a pension and combine it with social security and savings. They mentioned that even essential city or DMV jobs could provide enough for a decent retirement.

They also recommended moving to a third-world country upon retiring, sharing that their mother is living a comfortable life with only $3k per month in Social Security and partial pension, with a house on the beach and the ability to eat out and travel.

6. From Debt to Retirement: Building Financial Security in Your 50s

Many people in the thread shared their experiences, stating that they were once in a similar situation without savings and debt at 30. However, they have since worked to become debt-free and build up their savings.

They are now in their 50s and aiming to retire by 65. They advise paying off debts, saving as much as possible, and investing in a Roth IRA.

7. Affordable Housing for Seniors: Scouring for Pertinent News Pieces

An astute user proposed scouring for pertinent news pieces, saving them for future reference, and submitting an application for Section 202 housing designated for financially disadvantaged seniors upon reaching 62.

They admitted that it might not be the most appealing option, but it’s the only way they can afford to have a roof over their head.

8. Taking Control of Your Destiny: Setting Goals for Financial Security

Several people expressed that when they were 30, they had no savings and only debt, but they took control of their destiny and set goals to increase their income. One saver encouraged others to do the same, reminding them that their current reality does not have to be their future reality.

9. Needy and Homeless in Old Age: Concerns About Social Security and Family Support

Another user stated they were worried about becoming needy and homeless in their old age, as they did not believe social security would be enough to sustain them. They expressed concern that they may have to rely on their adult children for financial support, which would only perpetuate the cycle of poverty.

10. Retiring Abroad: Exploring the Trend of Remote Work and Affordable Living

A final commenter added that considering the recent trend of remote work, saving and retiring in a country with a more affordable cost of living makes more sense.

Someone from a Mexican-American background understands this sentiment and has seen their mother in a similar position where moving back to Mexico would make financial sense.