Youth unemployment in China ticked up to 17.1% in July, official figures showed, the highest level this year as the world’s second-largest economy faces mounting headwinds.
China is battling soaring joblessness among young people, a heavily indebted property sector and intensifying trade issues with the West.
Chinese Premier Li Qiang, who is responsible for economic policy, called Friday for struggling companies to be “heard” and “their difficulties truly addressed,” according to the state news agency Xinhua.
The unemployment rate among 16- to 24-year-olds released Friday by the National Bureau of Statistics (NBS) was up markedly from June’s 13.2%.
Wait until you’re 25. Go to college for free and get a degree in something STEM. Get a career. Work your way up to a six figure salary. Contribute heavily to retirement. Retire once you get however much is enough.
Did you even consider that your formula doesn’t even work for 90% of people? 6 figure salaries are a US thing, everywhere else you get taxes to pay for irrelevant shit like health. Part of those taxes are for retirement. Those are not optional and scale with the salary from like 10% if you’re poor to like 70% if you’re rich.
At whatever age retirement is, you get a payout that’s (not linearly) proportional to how much you paid in taxes. That’s the whole of Europe. Probably more complicated or anarchic elsewhere.
Even with a top 5% salary, you’re not going to pile up all that much.
The problem is not this scheme. Is that there are not enough young people to support the elderly.
Also a curiosity about Portugal: A lot of people are starting to lie about not having a degree when they do so that they can get shit jobs more easily. Too many degrees around. (Most people go to college, even if they fail)
I guess I just assumed OP was in America since their retirement plan is a bullet to the head, which is a distinctly American joke since most other countries don’t seem to make retirement such an impossibility.
25 was long ago.
Well hey good news, college is still free as long as you’re poor and at least 25 years old. That’s how you get a federal PEL grant to break even on college. Your state probably has grants to literally pay you to go to school on top of the PEL grant since you’re poor. That’s how I did it.
I have an education.
But do you have an in-demand skill?
Yes
Then why aren’t you saving for retirement?
Who said I’m not? But either way, it won’t be enough by then
I thought that was your implication above about a bullet to the head being your retirement
Never too late to go back and get another degree. I’m pretty sure the federal PEL grant will pay for 2 bachelor degrees so you aren’t disqualified for having already gone to school.
In other news, I don’t know why there are so many haters downvoting me.
They aren’t haters. They’re down voting the boot strap boomer. I don’t need Another degree. I need companies to pay salaries that reflect inflation. I need my government to have Social Security reflect inflation. I need my government to prevent corporations and “ Investors” From purchasing all the single-family homes, driving the price up to a level where what used to be a starter home is now $500,000. And I need little shits like you to wake the fuck up. That’s why they’re down voting you.
First of all, I’m a millennial lol.
Second of all, you’re preaching to the choir, and I agree on all points. I was simply trying to give some helpful advice in the form of a way to play the game that is becoming successful in America right now as I was literally just describing how I did things because it worked for me, and it’s worked for others as well.
I was poor for many years as an adult. I went to college, and I got into computer science. After 5 years in my career, I just (barely) got to a 6 figure salary at my last review. I’ve been putting as much as possible into retirement and living very modestly because I know there likely won’t be any social security for me so I took matters into my own hands.
Oh and for the record, my company doesn’t match inflation, and I’m still a renter and will probably never be able to afford a home.
You’re never going to be able to retire. By the time your are ready, inflation and other nonsense will have made your money worth a fraction of its value. Even if you invest, they are not going to pay out enough to keep the value the same. Sure, you may retire at 70 with a million dollars, but that would be like having 200k now, which doesn’t allow for retirement care. And that’s assuming social security is even around.
You keep on with those hopes and dreams. It’s better to be blissfully ignorant and find out later than know the entire time you’re hosed and there’s nothing you can do about it, because the system doesn’t want you.
I’m aiming for $1,000,000 by 50 to retire actually. I’ve got no clue if I’ll pull it off, but this site seems to think so: https://networthify.com/calculator/earlyretirement
I’ll honestly probably be dead by 70 anyways due to health reasons so even if I don’t hit that goal, I’m probably just going to retire anyways and yolo it