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By Kaitlin Mulhere
September 17, 2019
Courtesy of Twitter

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.

Millennials tend to have more debt than prior generations, thanks in large part to the increasing need to rely on student debt to attend college. Wages have been largely stagnant over the past few decades, as prices for necessities such as healthcare have climbed.

As a result, millennials have a lower net worth — less than $8,000 — than previous generations at their age, according to a Deloitte study reported in the Washingon Post. The cherry on the top? Several signs are pointing toward of an impending economic recession.

So perhaps it’s no surprise that #millenialretirementplans is trending now, and that it has nothing to do with 401(k) plans or target-date funds.

Here are some of our favorite dark takes from Twitter on how millennials will retire.

Apocalypse jokes aside, there is research that suggests many millennials are actually taking saving seriously — even if they face economic and workplace challenges their parents and grandparents didn’t. A recent TransAmerica study, for example, found millennials start saving for retirement at age 24, compared to 30 for Gen X and 35 for Baby Boomers.

While we’re laughing (and crying) at #millennialretirementplans like the rest of the internet, you may want to use the trending hashtag as motivation to put yourself in a better financial situation. Consider opening a Roth 401(k), an under-used account that’s especially attractive for workers under 30.

Your goal? Work your way up to saving between 12% and 15% of your salary, so that #millennialretirementplans won’t just be a cruel joke.

Advertiser Disclosure

The purpose of this disclosure is to explain how we make money without charging you for our content.

Our mission is to help people at any stage of life make smart financial decisions through research, reporting, reviews, recommendations, and tools.

Earning your trust is essential to our success, and we believe transparency is critical to creating that trust. To that end, you should know that many or all of the companies featured here are partners who advertise with us.

Our content is free because our partners pay us a referral fee if you click on links or call any of the phone numbers on our site. If you choose to interact with the content on our site, we will likely receive compensation. If you don't, we will not be compensated. Ultimately the choice is yours.

Opinions are our own and our editors and staff writers are instructed to maintain editorial integrity, but compensation along with in-depth research will determine where, how, and in what order they appear on the page.

To find out more about our editorial process and how we make money, click here.

EDIT POST