What a crazy perspective. I know a young married couple in their early 30s where their combined income working as a computer tech and RN is around $150K a year. Neither skill set or job opportunity is out of reach for young people.

They have excellent benefits and max out on their 401(K) contribution with company match, they own an entry level house in second city markets where a four bedroom home sells for around $325K. They took a 15 year mortgage in order to force themselves to have more savings and be debt free before their new baby and any subsequent children begin college.

At that time, it would be fair to assume that they will have a net worth of around $500–600K excluding any inheritance they may get from their families. Fifteen years after that, it will be time to retire, it is reasonable to assume they will have $1.5 to $2 million in home equity, 401(K) valuation, and other savings plus any money they inherit from their families.

Add to that any social security benefits they may earn and it is reasonable to assume they will retire quite comfortably. If they choose as many do to work part-time rather than totally retire at age 65–70, they will retire even “richer”. I guess that to me is the American dream to enjoy your work, be able to raise a family, and retire comfortably.

I do think the big difference today is not that the dream is no longer available, but young people have no willingness or idea on how to take the steps that result in the dream coming true. It begins with choosing a career whether it requires technical training or higher education that will produce a “middle class” income for each individual and on a combined basis an income that allows for savings.

Second, you must commit to saving 10% of your income every year. Not someday, but the first day you start working. People do it. They just don’t live as well as those who don’t in the short term. And it is hard to play catch up. One big difference is companies are less paternal, so they won’t be saving for your retirement like they use to. Cash is king with young people, so to attract young workers, compensation goes into cash and not pensions unless you work for the government.

Find a real partner to share life with. Two live better than one, but divorces are expensive. Children are expensive. Today, I believe two children for most people is what they can afford if they are earning middle income salaries and want to retire comfortably.

Find fun things to do that don’t cost a fortune. If spending $200 every week-end eating at nice restaurants is your thing, then it is unlikely you will achieve your financial goals unless you have a very high income. On the other hand, if having a bunch of friends over where you grill in the yard, crack open some suds, and enjoy the camaraderie of good friends is your thing, then you are in luck.

The point is no one is going to help you retire well… and playing the victim isn’t going to make it happen… taking from the rich won’t work either… if you spread the income of the rich over the the rest of America it might add $2,600 a year to their incomes. If they are not saving, $2,600 a year won’t change anything.

I do think very few young people get the financial counseling they need early in life. Instead many have been told their bad decisions are not their fault. Don’t expect the government will ride in as a “white knight”… it is a lie… start saving now…