Millennials fretting about their financial future can take comfort in knowing they are on track to retire in a better financial position than they probably think.
A lot of things were supposed to be better than we thought in the beginning
I'm so sick of this complacency with the idea of paying into social security your whole life to fund the boomer retirees just to have it taken from us as one final fuck you. The vocalized consensus among everyone needs to be its not getting taken from us, if anything it will be fixed and made more robust and any politician that acts to remove it from us will have their heads removed from their bodies.
Absolutely. I get the doom, but there's no way I'm just rolling over on SS, ever.
So we post into social security assuming we won’t get it to support the boomers but then they shot down student loan forgiveness, cool.
Vanguard assesses retirement readiness assuming your post-employment income should match around 68% of your annual salary.
Millennials in the 70th percentile of earners are the only demographic on track to come anywhere close to that coveted ratio. Early millennials are expected to hit 66% of their annual salary at retirement, while Gen X lags at 53% and late baby boomers at 51%.
Yay, wealthier Millennials? Way to grind that 401K
That was my take away. If you earn a lot of money you can fund a good retirement.
The only other real argument I found was that millennials in general may be better off because they entered the workplace when these retirement plans activate automatically whereas boomers and gen x had to actively sign up for them.
Your retirement plan activated automatically?
I think what they meant was 401k enrollment is now included in new employee onboarding by default in most places now.
My employers 401k plan was automatic. Let it sit for 3 years and came on hard times around 2021. I actually lost ~15% of the money I put in. Cashed it out, opted out of automatic contributions and haven't looked back. I don't need some investment firm to lose my money for me, I'm already good at that on my own lol
GenX here and I’ll never be able to afford retirement. I’m hoping Carousel is a thing by then.
“Taking matters into their own hands,” as in “considering options for suicide.”
What's carousel?
Reference to Logan's Run. Life ends at a certain age so resources are never over consumed.
Capricorn15. Today is LastDay. It is time to renew at Carousel.
Edit: Sauce https://www.youtube.com/watch?v=4M2vx_RCwSs
Ya, I don't think so. As a 37 yo millennial, my retirement plan is to sell my parents house, live as long and comfortabley as I can off that, then eat a bullet. Actual retirement is not something I expect to be capable of.
That's a weird way to say "millennial tend to have retirement plans"
The title made it sound like we're finally eating the rich.
Not having children is my retirement. I will probably work till I'm old and gray so I just tuck what I can away, buy things that hold value, and live my life.
I mean I don't disagree with the headline, but the article is just an ad.
The real headline here is that 2/3 of millennials think they're getting Social Security, or that retirement is going to be an option for them. It's optimistic, but not realistic.
I'm in this window and don't feel that's the case.
I am resigned to working until I die, leaving my retirement funds to my kid so maybe she'll have a leg up, or at least be able to survive.
Surely more than one third of millennials are outside the USA and don't have access to it's social security.
And if it's USA only, why is this posted in world news?
Because it's an ad and this is spam.
Gen X here and an older one at that.
I don't think I'll get SS and I will be of retirement age in the next 12 years.
My funeral will also be my retirement party.
Can you define this word "retire" for me?
Thats when you stop working but aren't dead yet.
Like when I'm going from my shift at my first job to my shift at my second job?
But wish you were because you've nothing left to give and your body is conking out on you. Life is a scam.
I highly doubt the US government will be in a position to pay out social security when I'm in need of it.
Maybe but as long as old people vote more reliably than young people, everything else will break before that happens.
in Australia 12% (used to be 10) of your salary is automatically invested for your retirement that you can't touch until then except in extreme circumstances (or you have a shit PM who let's anyone withdraw it during covid). even then, it will be hard to say it will be enough and you want some other side investments. if you don't own a house, like many my age, things would be grim.
and even in bad scenarios, we accept none of us will ever see a pension. currently boomers can get a rediculous amount on top of owning a large valuable house and they will screech black and blue about "entitlements" but for everyone else it's a "handout"
They lose their mind when you tell them the aged pension costs the taxpayer 5x what unemployment benefits do
Late Gen X-er here, I don't think I'm going to see any social security money.
Lol retire
The closest thing I have to a retirement account is my full keif tray.
i'm 39 and live in Germany where we're supposed to have such an amazing social security. Even I don't have hopes for retirement security. "but you can get private retirement insurance" -. well not if i'm not earning enough to put something to the side comfortably, and hey i'm in one of those "important jobs for the society" fml
Article written by a non millennial. Totally accurate source
Millennial here. My plan is to use my notes from the movie Nomadland and plan my life to life like that until I die on the side of the road.
“…expected cuts to Social Security benefits materialize…”
Um, how about no? What if, instead, we taxed the billionaires, or simply raid their offshore accounts, to fund the program? If corporate media didn’t removed about it on their behalf, would they even notice?
What if you're in your late 30's and you have ~20k in debt and barely any savings to last a month. I'm staring down a hopeless void.
In fact, a new survey from Nationwide and Harris Poll found that 39% of millennials and 45% of Gen Z believe they won’t receive a dime of Social Security.
Meanwhile, 61% of millennials and 55% of Gen Z don't know what Social Security is.
Does it count if my retirement plan is a van? Because. It's more than likely going to be a coffin appartment or a van with ways are going and I have one of the good pensions
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