Of all generational cohorts, older millennials are most likely to generate enough income to retire comfortably, according to the latest Vanguard Retirement Readiness report.
Specifically, millennials aged 37-41 have the greatest chance of landing a comfortable retirement.
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.
All it takes is one far right politician to take all that social security money for tax breaks for the rich, write a massive IOU, create rules regarding how far it has to be funded, and then declare social security bankruptcy. It’s what is happening to the USPS.
Please refer to the final part of my statement
Boomers believe social security would be gone by the time they retire. It’s been a common conspiracy thing for decades.
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It’s literally a Ponzi scheme that the government just declared it to not be one. It must either explode or have ever growing generations funding it.
Wealth redistribution isn’t a ponzi scheme. Even if we do nothing to “fix” social security it will keep writing checks.
It’s an unfunded mandate. It can’t if the fund has no money. Touch nothing and the program runs out of money to pay the drawing population. Basic math.
Something as to shift or it will in fact not be able to pay out for all members drawing in it given enough time.
The program runs at reduced payouts if it’s not “fully funded”. That’s how the law is written and isn’t controversial, just not really talked about in these kinds of doomer articles.
If the program is paying you significantly less than what it should, you can’t rely on it for retirement calculations.
It isn’t enough to retire on on its own today. The program paying significantly less of its distributions as a result of being not possible to fully fund, results in many of us believing it is a program that served the elderly of today ( boomers) and not those who come later as a result of the funding to withdrawal ratio that the baby boomer generation will create.
I was responding to the claim that the program would stop working, not that the program would need larger payouts to eliminate poverty.