America’s Millennials Are Waking Up to a Grim Financial Future

Re:America’s Millennials Are Waking Up to a Grim Financial F... by JumpCrisscross on Friday June 22, 2018 @05:14PM (#17377420)

> Married with $100k in student loans between the two of us

You may want to look into deferring or forbearing your student loans [1], at least until you're back on your feet.

> my $100k tech job didn't come with retirement benefits

Next time around, consider a SEP-IRA [2]. In the meantime, contact a local NGO about subsidized healthcare, food, education and job-training and placement programs.

Also, don't be embarrassed asking for charity. When I started my first company, I took a gamble and skipped out on health insurance. A few months of sleep deprivation later, I'm in the hospital with pneumonia. Huge bill. Wrote a letter to the hospital board asking for a deferral; they wrote down the bill to pennies on the dollar.

[1] https://studentaid.ed.gov/sa/repay-loans/deferment-forbearan...

[2] https://www.irs.gov/retirement-plans/plan-sponsor/simplified...

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Re:America’s Millennials Are Waking Up to a Grim Financial F... by jsoc815 on Friday June 22, 2018 @06:17PM (#17377947)

>You may want to look into deferring or forbearing your student loans

Politely, no, do not do that. Instead look at enrolling in an "income-driven repayment plan."[1] With this, even if your required payment is $0, you will receive credit toward the total # of payments required for your loan term.

https://studentaid.ed.gov/sa/repay-loans/understand/plans/in...

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Re:America’s Millennials Are Waking Up to a Grim Financial F... by Arete31415 on Friday June 22, 2018 @06:22PM (#17377980)

Seconded. Try to get on the "REPAYE" plan, I feel that's the best one. Only downside -- when they forgive your loans after 20 years, you pay taxes on that as if it's income.

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Re:America’s Millennials Are Waking Up to a Grim Financial F... by jsoc815 on Friday June 22, 2018 @06:36PM (#17378072)

Thanks. And yes, this whole thing requires a bit of finagling, which I think unfortunate.

I advise couples w/ debt to rethink formal marriage because of how tax laws are structured. Same goes for those who are married; strategic divorce is a real and sometimes necessary option.

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Re:America’s Millennials Are Waking Up to a Grim Financial F... by simonsarris on Saturday June 23, 2018 @09:33AM (#17381190)

Why did you suggest a SEP? Only businesses can establish those for their employees. An employee cannot open one on his own.

Did you mean Roth or traditional IRA instead?

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