I'm angry today and need to vent

[blur256]

Sorry in advance. But I'm 37 years old and don't even have a 401k because of the economy. Not that it matters because the stock market is going in the shitter but it isn't even an option at my company.

My minister wife is trying to get ordained but has to jump through huge loopholes to do so. She will get a pension once she is ordained but it comes after years of being ordained and her position is not recession proof.

My job is in recruiting for manufacturing and a lot of them are going on slowdown because of the economy so I am trying to find business elsewhere but no replies back.

I am so SICK of republicans and Trump not giving a single fuck about the next generation. We are drowning in student loan debt with no end in sight. We have stagnant wages. We have no prospects right now. And people call us freeloaders and lazy. We work our asses off for poor salaries! I have a masters degree and my wife has two with only a mediocre future at best ahead of us.

I know everyone else is concerned about the future but we are the screwed generation. At this point in their lives my parents who were a farmer and teacher were totally secure financially. That's not possible for a lot of us these days. We need change asap.

[vlyons]

1. I feel so sorry for your generation

I'm 71 and retired, so I have to watch my pennies also. The best advice that I can give you is to find a way to supplement your income. I supplemented my income for 50 years through crafts and craft fairs. I sold sheepskin hats at Fisherman's Wharf in San Francisco, fabricated jewelry at craft fairs, and made and sold cheese presses on several auction sites. Start by visiting some craft and holiday fairs in your area to see what folks are selling and buying. You make the crafts in your spare time. Crafts generated a nice little monthly income that took the pressure off paying utility bills and credit card debt.

Good luck

[blur256]

3. My wife is a crafty person

And I can do web design. I put out an ad on Facebook for both recently and hoping to get some hits. Thanks for your reply.

[irisblue]

16. Post your stuff in DU Marketplace. I'd rather spend my $with family

[blur256]

17. Thank you!

I agree. I bought I beautiful necklace not too long go from a DU member.

[calimary]

19. There's a DU Marketplace? Cool!

Where?

[Akacia]

22. I would like to know too. nt.

[irisblue]

24. Economy & Education group

https://www.democraticunderground.com/?com=forum&id=1120

[Akacia]

43. thank you, Ill check it out! Like to spend my money with like minded folk. nt.

[PunkinPi]

23. Here...

https://www.democraticunderground.com/?com=forum&id=1120

[irisblue]

25. Economy & Education

https://www.democraticunderground.com/?com=forum&id=1120

[dawg day]

27. That's a good point-

Even $100 a month extra, put into savings and then into an IRA, will make a big difference in 30 years.

[TexasProgresive]

2. It is good that you can vent. Holding anger inside is dangerous.

I wish you and your wife the best in these unsettling times. I have lived through Nixon, Raygun/Bush and Shrub all of whom caused a lot of people to be laid off, me at least twice and the treat was continually hanging like the sword of Damocles over us during Reagan/Bush. The corporation I worked for during that 12 years did not hire anyone nationwide until a year into Clinton. I hate to say it but I think we are facing worse now. I do think we are at slack tide and it is beginning to turn. I hope so for all of you who are younger.

[blur256]

4. Thank you

We shall see. It is just scary thinking we may never get to retire.

[Crutchez_CuiBono]

32. +1

[dlk]

5. The R has Always Stood for Rich (and Racist)

They have long been the party of, “I’ve got mine, to hell with you,”. In recent years they’ve added, “and I’m also entitled to what’s yours.” There is no bigger threat to the future of our country than Republicans. The billionaires who own the party have successfully co-opted the mainstream media, our education system, the workplace, all of our institutions with their propaganda. You are right to be angry. Most Americans are living on a precipice struggling just to live indoors.

[blur256]

6. Exactly.

Thank you

[dlk]

9. You Are Not Alone With Your Feelings

Republicans have stuck it to us all.

[blur256]

12. Yes they have

And people still support them

[brush]

39. You are so right. The repugs are dangerous crooks who have stolen the WH...

several times and thrown socio/economic development in reverse.

Carter encouraged the country to think of green energy by putting solar cells on the WH roof. Reagan had them torn out and put the brakes on the public even thinking about alternate energy. We could've already been running on green energy if not for that.

The repugs also stole presidency for Nixon, Reagan as mentioned, Daddy Bush, W Bush and now the orange pustule.

They totally changed history and kept up from all the jobs green energy would've produced. It's no coincidence that booms happen during Dem admins and just the opposite happens when repugs get in and put in their bullshit trickle down/favor-the-rich policies that never work.

[TexasBushwhacker]

7. One thing Congress could do for us

is raise the limit that you can contribute to an IRA from $5500 to the same that it is for a 401K, $18500. What logical reason is there for them to be different? Lots of companies don't have 401K plans and some that have them don't have a good choice of funds. Plus, getting your money out of your 401K when you leave a company can be a pain in the ass.

I realize this wouldn't help your situation, but I just thought I'd throw it in there.

[blur256]

8. I do think that would help

We have savings but we are afraid to put them anywhere right now.

[dlk]

10. A Retired Friend Mentioned Putting 401(k) Funds into CD's in January

I can’t say what would be a good option given the circumstances.

[blur256]

11. That's the problem

With the stock market tanking because of the orange asshole we don't know what to do

[TexasBushwhacker]

13. That's fair

But you can still sock away cash so when the stock market hits bottom, you can buy some at fire sale prices. That's what the rich folks do.

You can also make sure your credit cards are paid off, and get those student loans paid off if you have them.

[blur256]

14. Unfortunately for us

We have over 200000 in student loan debt. Not getting paid off anytime soon. We were promises great jobs in college. Not so much. I actually got a scholarship for a full ride in undergrad but went into debt thinking I needed a masters. Haven't used it yet.

[Hoyt]

15. Don't think my parents (born in 1920s) or my generation were that financially secure at age 37.

It was wide-open for many after WWII, housing was cheap, etc., but a lot of people still didn't do well. I'm thinking particularly of minority groups, who even many unions were against.

My grandparents (born 1890s) did have a farm, but they kept it only by working long hours and having very little.

Point is, sounds like you both are doing relatively well for 37 years old. Both have jobs.

I get the student loans are a problem. But, I've known very few people who were truly financially secure in their 30s, although some were making a lot of money. They might have had a lot of stuff, but they were working hard to keep the ball rolling.

I get it is scary thinking about the future, possible loss of jobs during a recession, etc. But for the vast majority of us, that's just life. It really does suck sometimes.

And GOPers and trump ain't helping.

[blur256]

18. I know I shouldn't expect too much

But I would like a future that is secure. And you are right, the gop and Trump aren't helping much. In fact they are making it much, much worse

[PaulX2]

20. Buuuut The Billionaires Are Doing Great!!! That's All That Really Matters

Ask anyone that voted for the billionaire / corporate tax cut!

[blur256]

30. Yep

Fuck them all. How much money do you need?

[IHR]

21. There will be a retirement crisis

With pensions going away in fortune 100 companies for everyone but the top executives. Trillions of dollars in 401k’s that Wall St is chomping at the bit to steal. I’m predicting a serious retirement crisis within the next 25 to 30 years. Poverty unfortunately will be widespread for your generation.

[blur256]

29. That's what I'm worried about too.

We have a bleak outlook right now

[BarbD]

26. Venting is good.

It is a reality check. I'm 81 and trying hard not to be a burden on my children. Every generation has its challenges. One thing I have learned is that we can accomplish more if we work together. Together we shall overcome.

[blur256]

28. I agree

We just need everyone on board

[BarbD]

41. We don't have to wait for everyone to begin positive action.

You are not alone. We need to, as the song says: "You've got to accentuate the positive, eliminate the negative, latch on to the affirmative and don't mess with mister in-between."

[safeinOhio]

31. My heart goes out to you.

This country was a lot different when unions were strong and popular.

I've been retired for 17 years after working for 30. No cush job, I worked my butt off and froze my ass walking the picket line. It was all worth it.

I also got a great college education for free because of my Union/Company college program. All I had to do is pass my classes and it was free, except for books. I pecked away at it for years while working long hours and ended up graduating Magna Cum Laude.

I vote for politicians that support and are supported by unions.

[blur256]

34. It breaks my heart

Most of the companies I work with are not unionized and they are doing poorly. To be fair it is Slow down time of year. BUT the one company we do have that is unionized is doing great.

[joanbarnes]

33. feeling your pain even as a late baby boomer..siblings just a few years older have fared much better

[joanbarnes]

36. feeling your pain even as a late baby boomer..siblings just a few years older have fared much better

..and very concerned for my one child. kept her out of debt but she struggles on..cousins with good jobs but massive loans...do not understand how some can still produce large families and not worry for their future.

[KY_EnviroGuy]

35. Vent on, brother - it's healthy and you're in the best of company.

A lot of hard-earned experience is found here.

If you have not already, I suggest you find a good, trustworthy financial advisor and talk to him/her often. As an engineer I thought I could manage that myself, but was WRONG. Being a rational person, I can easily see my mistakes now (at 70 YO) after the fact.

We need to spend our time being happy, being a good member of a progressive community, and building an asset base for retirement.

Best of luck to you and your family!.......

[cagefreesoylentgreen]

37. I've thought about changing careers

I’ve been seriously looking at mortuary science schools. It’s a recession proof career and you’ll never face obsolescence.

[blur256]

40. I have too!

Honestly.

[cagefreesoylentgreen]

42. Ask a Mortician

There’s a YouTube series called “Ask a Mortician.” Fascinating stuff, not only about career advice but the science of decay also. Great series, and I really recommend watching it if you’re thinking of a mortuary science career.

[LibDemAlways]

38. I get where you are coming from. My daughter is 25,

underemployed, and most likely won't be able to even think about buying a home until I die and leave whatever I have left to her. With the stock market in the shitter, my modest 401K is rapidly dwindling, too. We're in California, and homes in the area where she lives and works start at half a million for a small condo. Those are snapped up by wealthy investors who keep rents astronomical. It's brutal out there.

We can only hope that Trump/Pence will be relegated to jail or at least the dustbin of history soon and Democrats can begin to repair the damage.

[blur256]

46. Yeah I feel for her

The only reason we own a house is because my wife and her ex husband bought a foreclosure a few years back. We all live together which makes for interesting, but not bad luckily, dynamics. But no one can afford to give up the equity. Weird times we live in

[csziggy]

44. You can start a Roth IRA if you have enough to set money aside

The rules are slightly different than a 401k but during a downturn in the market, it is a good time to invest with time to let it grow. At 37, you should have 30 years for the money to accumulate:

A Roth IRA is an IRA that, except as explained below, is subject to the rules that apply to a traditional IRA.

You cannot deduct contributions to a Roth IRA.
If you satisfy the requirements, qualified distributions are tax-free.
You can make contributions to your Roth IRA after you reach age 70 ½.
You can leave amounts in your Roth IRA as long as you live.
The account or annuity must be designated as a Roth IRA when it is set up.

The same combined contribution limit applies to all of your Roth and traditional IRAs.
Limits on Roth IRA contributions based on modified AGI

Your Roth IRA contribution might be limited based on your filing status and income.

More, with links to additional info: https://www.irs.gov/retirement-plans/roth-iras

What Is a Roth IRA?
Arielle O'Shea
November 8, 2018
What are the benefits of a Roth IRA?

It allows for contributions of up to $5,500 per year, and you can use it in addition to a 401(k).

Investors 50 and older get to contribute an extra $1,000 a year as a catch-up contribution.

The account is not subject to the sorts of minimum distributions typically required from a traditional IRA and a 401(k) beginning at age 70½. This means you can use a Roth to pass on money to your heirs.

You’re contributing after-tax dollars, so you lock in taxes paid at your current tax rate, not the rate you'll be at when you retire. If you expect your tax rate to go up, either because of across-the-board legislative increases or because you’re at the beginning of your career, this could be a large savings. It makes Roth IRAs especially attractive to younger workers.

Because you’ve already paid taxes on your Roth contributions, you can withdraw them without tax or penalty before you retire. You may, however, be taxed or penalized if you withdraw your investment earnings.

You can use Roth IRA money to pay for qualified college expenses without an early distribution penalty, so you can use the account to supplement or as an alternative to a college savings account like a 529 plan. There are no limitations on how you can use contributions, but distributions of earnings may be taxed.

Once you hit 59½ and you’ve held the account for at least five years, you can take distributions, including earnings, from a Roth IRA without paying federal taxes. This is the biggest difference between the Roth and traditional IRA: The traditional IRA nets you a tax deduction on contributions for the year you make them, but distributions are taxed in retirement.

More: https://www.nerdwallet.com/article/what-is-a-roth-ira

[blur256]

45. Thank you for the advice!

We could definitely do that

[Grasswire2]

47. what is that stat I saw recently...

...something like 40 percent of millennials are living with parents again (or still). Simply because housing is not affordable.

Very sad.