The Financial Confessions Will Retirement Even Exist For Millennials? | Asked & Answered
Apr 4, 2025
Erin Lowry, author and personal finance guru behind Broke Millennial, joins the conversation to tackle pressing financial questions. They delve into whether Millennials can capitalize on financial independence before traditional retirement. With insights on Social Security, retirement planning, and the importance of avoiding catastrophic thinking, they discuss how to prepare for potential financial burdens from aging parents. Erin highlights the advantages of investing over holding cash, especially in times of inflation, and offers practical tips for beginners on retirement investment.
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Plan For Weaker Social Security
- Plan assuming Social Security will be weaker in the future, not gone entirely.
- That means you must save and invest more aggressively to avoid a personal financial apocalypse.
Friend Shocked By Parents' Retirement Shortfall
- Chelsea described a friend who discovered her parents' dire retirement finances late, forcing potential caregiving costs.
- The story shows how lack of planning can suddenly burden adult children financially.
Set Firm Boundaries For Parent Support
- Set clear boundaries and a fixed monthly support amount you can provide to aging parents.
- Pay bills directly or create an emergency fund rather than giving unrestricted cash.