https://www.cnbc.com/2024/02/09/millennials-retirement-outlook-may-be-worse-than-older-generations.html

Projecting 40% will have inadequate retirement savings. Will be interesting to see this play out. Will people just simply keep working longer or will people just live off SS

Social Security won't be around for millennials.

Plus, they need to stop spending so much and save for themselves in their youth like every other generation had to, if they want long-term prosperity.

SS will always be around, everybody that works pays into it.

Now, I think the FRA will be pushed eventually to 70 and the benefit will be smaller

Millennial here, I don't even expect the USD to be around when its time for me to retire.

[We warned you about these derail posts. Either contribute to the discussion or don't post. Keep up the behavior and your bans will increase in length. Staff]

BTC?

What % of the older generations have adequate retirement funds? I expect even less than 40%

28% to 30%

the vast majority of american generations have retirement issues moving forward. including boomers.

social security will be dead in the not to distant future and then the govt will go after 401k and IRAs. so once again the responsible people will get screwed.

hence pretty much all generations are screwed. even those that think they are not.

The country will collapse at that point, money would be pointless. Guns and seeds

Once the boomers are gone, then dumb Millenials and Gen Z will go full tilt communism and will be quite disappointed about its retirement plan.

"So the state will provide the lavish retirements it promised all good Komrades right?!"

"Yes of course we have 5.56 set aside for all of you"

"Billion?!?!

"Caliber"

"Wa…What?!"

[*chambers retirement plan*]

Mike Hancho said:

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everybody that works pays into it.

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And what happens as the labor force participation rates decrease along with the overall workforce size?

I'll answer for you: the working class will be taxed at a higher rate to facilitate payments to those currently receiving benefits.

At the present pace the US will not be around, much less its money.

correct but that doesnt mean SS is going away

Mike Hancho said:

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https://www.cnbc.com/2024/02/09/millennials-retirement-outlook-may-be-worse-than-older-generations.html

Projecting 40% will have inadequate retirement savings. Will be interesting to see this play out. Will people just simply keep working longer or will people just live off SS

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I've got news for you champ. As long as our government continues to spend money it doesn't have by the hundreds of billions, inflation will remain in the 4-5% range, and we'll ALL have inadequate retirement savings.

To answer your question, yes, they'll work longer, and no, they won't live off SS, because it will no longer be there for them.

Mike Hancho said:

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correct but that doesnt mean SS is going away

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What government program ever does?

Gunny456 said:

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At the present pace the US will not be around, much less its money.

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Hopefully I can convert some of my USD / Stocks into TexBux.

Mike Hancho said:

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https://www.cnbc.com/2024/02/09/millennials-retirement-outlook-may-be-worse-than-older-generations.html

Projecting 40% will have inadequate retirement savings. Will be interesting to see this play out. Will people just simply keep working longer or will people just live off SS

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The inflation you support has broad reaching consequences.

Carousel is coming...



And if you run? A sandman or a food-procuring killer robot will get you.

Millennial here. The odds of me living to 65 are very low.

As an end of the tail Boomer that was blamed for all the ills in our society by another poster I say "Guess you have about 30 years to get your affairs in order then." We have discussions on reparations, welfare, cash and phones to illegal aliens and all other sorts of wastes. Looks like you have some time to figure out your retirement plans.

Tachoro said:

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Millennial here. The odds of me living to 65 are very low.

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I fully expect to end up dead in a ditch somewhere whenever the empire collapses.

Mike Hancho said:

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BTC?

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I'm thinking, bullets, beans, and bourbon.

If you're depending on your government to provide for you during the latter stages of your life, you've already lost.

Pookers said:

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Millennial here, I don't even expect the USD to be around when its time for me to retire.

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USD?! LOL. In 25 years, the US itself will not be around as you know it. In fact, it's not around as you knew it just a few years ago.


1. Kill the filibuster
2. stack the SCOTUS
3. pass draconian oppressive social justice laws to take wealth from whitey and give it to POCs. They will probably outlaw 401Ks altogether. And also pass ex post facto laws to take current 401k wealth in the name of social justice.


If you are a POC, you should be good.

it ain't just Millennials. The boomers and gen X don't have enough to retire on either:

tysker said:

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Mike Hancho said:

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everybody that works pays into it.

---

And what happens as the labor force participation rates decrease along with the overall workforce size?

I'll answer for you: the working class will be taxed at a higher rate to facilitate payments to those currently receiving benefits.

---

No, no, no. Importing millions of uneducated unskilled workers from Latin America, China, Haiti and other places will fill in the gap. Thanks to our magic dirt they will immediately become doctors, engineers, scientists, and bankers and will refill the coffers of social security while keeping America at the forefront of global civilization.

Millennial and moreso gen z are spending out of control on consumables and short-term pleasures rather than saving for retirement I fear.

The line at Dutch Bros and Starbucks should tell you that, along with the average cost of lunch these days. The volume of Amazon/shein/cosmetic purchasing of fast fashion and other crap is unbelievable. All of that could be paying down Cc debt and going to savings.

Detmersdislocatedshoulder said:

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the vast majority of american generations have retirement issues moving forward. including boomers.

social security will be dead in the not to distant future and then the govt will go after 401k and IRAs. so once again the responsible people will get screwed.

hence pretty much all generations are screwed. even those that think they are not.

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This has been my thinking.. We save and we're working on retirement but if the government is just going to take my 401k, then what's the point?

Emotional Support Cobra said:

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Millennial and moreso gen z are spending out of control on consumables and short-term pleasures rather than saving for retirement I fear.

The line at Dutch Bros and Starbucks should tell you that, along with the average cost of lunch these days. The volume of Amazon/shein/cosmetic purchasing of fast fashion and other crap is unbelievable. All of that could be paying down Cc debt and going to savings.

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Every generation is spending out of control.

Pookers said:

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Millennial here, I don't even expect the USD to be around when its time for me to retire.

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I honestly half expect my 401k to be raided and for us to be living a truly dystopian reality by then. The country will be completely unrecognizable and we will cry thinking about the glory days and witnessing the soulless hell our offspring have to endure. They may even let us keep our guns, to give us a false sense of security and independence, but really just to give people an easy way to suicide themselves. Suicide, depression, addiction rates will be staggering. Euthanasia will be widely accepted as "compassionate healthcare". Vast majority will be illiterate and have some form of mental issue.

But then, I tend to be an optimist. it will likely be much worse than that.

tehmackdaddy said:

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Social Security won't be around for millennials.

Plus, they need to stop spending so much and save for themselves in their youth like every other generation had to, if they want long-term prosperity.

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They should… but that would be a break from what the baby boomers did.

https://thehill.com/business/personal-finance/3991136-nearly-half-of-baby-boomers-have-no-retirement-savings/

Emotional Support Cobra said:

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Millennial and moreso gen z are spending out of control on consumables and short-term pleasures rather than saving for retirement I fear.

The line at Dutch Bros and Starbucks should tell you that, along with the average cost of lunch these days. The volume of Amazon/shein/cosmetic purchasing of fast fashion and other crap is unbelievable. All of that could be paying down Cc debt and going to savings.

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K. Spending has been a hallmark of the baby boomer generation, I fear.

Mike Hancho said:

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SS will always be around, everybody that works pays into it.

Now, I think the FRA will be pushed eventually to 70 and the benefit will be smaller

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Aint no way. It's going to be insolvent in 9 years.

Okay, I am thinking along the lines on spending on food and drink and stuff, not necessarily investment items like homes and cars.

We are gen x and basically everything we own is many years old or was given to us. Our consumption is mostly for kids' activities, sports equipment/fees etc. and maintenance. We hardly eat out, especially these days. Life is content so maybe I'm the weirdo.