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Old 05-18-2015, 10:07 AM
 
6,630 posts, read 4,576,419 times
Reputation: 13288

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Quote:
Originally Posted by Goinback2011 View Post
The free-sh*t army has been brainwashed to believe that money-printing has no consequences.
Wait.... what? You mean we just can't print money when we need it? You're killing my dream. Killing it.

/sarcasm
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Old 05-18-2015, 10:07 AM
 
Location: Austin
29,518 posts, read 16,439,511 times
Reputation: 8061
Quote:
Originally Posted by lilyflower3191981 View Post
well, the boomers, like yourself, particularly those in the public sector, have had access to pensions in a way that Millennials will never experience, as the shift continues away from a defined-benefit to a defined-contribution model of savings. Pensions also are increasingly moot because so few workers remain with the same employers throughout their careers. Job-hopping is especially the case for Millennials.
Do you realize that you are arguing both sides of the debate. Defined contribution pension plans (401k) are exactly what is needed for job-hopping people because you CAN take it with you.

And BTW, millions of people never had a defined benefit pension plan and guess what....they saved their OWN money.

Quote:
Beyond pensions, boomers could rely on the two other legs of the three-legged stool of retirement planning, Social Security and personal savings. For Millennials, only one leg—personal savings—will be left.
You don't know that. It's just speculation and 25 years ago it's exactly what we speculated. It's no different today.

Quote:
Yet if Millennials could keep and save the money they will pay into Social Security, it would go a long way in erasing the troubled future we face. Understood mathematically, losses that Millennials will experience resulting from Social Security are astounding. Even in a private investment making a sub-par return, Millennials would do far better than by continuing to prop up a Social Security system that either won't exist in the future or will look dramatically different.
That's the same as most of us. I would love to have invested my FICA taxes in a private retirement plan. Millennials are no different than boomers.

Stop whining and take responsibility for yourself. Live within your means and save your own money.
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Old 05-18-2015, 10:14 AM
 
Location: Newport Beach, California
33,079 posts, read 20,004,492 times
Reputation: 12921
Quote:
Originally Posted by Roadking2003 View Post

Stop whining and take responsibility for yourself. Live within your means and save your own money.
That is exactly what I am doing everyday. Whining is not something I do.

Just talking in general, not saying anything about myself at all. Matter of fact, my situation is entirely different from many of my peers.

You perhaps want to re-read my post

Yet if Millennials could keep and save the money they will pay into Social Security, it would go a long way in erasing the troubled future we face. Understood mathematically, losses that Millennials will experience resulting from Social Security are astounding. Even in a private investment making a sub-par return, Millennials would do far better than by continuing to prop up a Social Security system that either won't exist in the future or will look dramatically different.

I specifically talked about the importance of SAVING.

DUH
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Old 05-18-2015, 10:22 AM
 
Location: Newport Beach, California
33,079 posts, read 20,004,492 times
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Millennials are definitely looking at a different retirement,” says Derek Mazzarella, a millennial and a financial advisor with The Bulfinch Group in Needham, Mass. Most Millennials’ parents entered the workforce when employers still offered pensions, he says. “Those pensions will not fund a full retirement, but for a large portion of the population from that generation, [pensions] will provide at least supplemental income. Millennials will not have this option unless they work for the government.”

Some see Social Security as a rapidly collapsing pyramid scheme with more people retiring than the system can support. Millennials don’t – and shouldn’t – expect it to be a substantial source of income in retirement, despite the hefty taxes they’re paying into the system today: 6.2% of gross income, plus another 6.2% employer match.

The mostly likely outcome is that Millennials will still have Social Security available to them, but the benefits will be minimal and the withdrawal age will increase,” Mazzarella says.



Read more: Five Retirement Warning Signs for Millennials
Follow us: @Investopedia on Twitter

Like my brother always said to me, "save or die."



EDIT: I AM NOT BLAMING GENERATION X OR THE BOOMERS AT ALL.
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Old 05-18-2015, 10:24 AM
 
9,985 posts, read 6,743,060 times
Reputation: 5612
Quote:
Originally Posted by DavidRudisha View Post
The upcoming generation is living paycheck-to-paycheck, as the number of good jobs keeps finishing and the cost of living keeps rising. Does this process have any chance of being reversed?
No.
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Old 05-18-2015, 10:58 AM
 
Location: Washington State
18,289 posts, read 9,481,155 times
Reputation: 15586
Quote:
Originally Posted by DavidRudisha View Post
The upcoming generation is living paycheck-to-paycheck, as the number of good jobs keeps finishing and the cost of living keeps rising. Does this process have any chance of being reversed?
My Millennial son is making over $200K/Yr because he got a great degree from a good university and has excelled in his profession. That's a good plan to follow I'd say.

Our generation had great entrepreneurs like Steve Jobs & Bill gates and many more that established absolute dominance worldwide for their respective companies. Your generation will have to do the same of suffer the consequences. Also, I suggest you vote Republican to improve the economy and reduce the debt.
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Old 05-18-2015, 11:04 AM
 
Location: Newport Beach, California
33,079 posts, read 20,004,492 times
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Well, another point I want to make is that majority of my Millennials friends disapprove of the health reform law, whether it is called the “Affordable Care Act," or as “Obamacare.”

Many of my friends make over $100K/ Year, they all have private insurance providers.
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Old 05-18-2015, 11:33 AM
 
Location: Florida
62,765 posts, read 34,208,449 times
Reputation: 10418
Quote:
Originally Posted by lilyflower3191981 View Post
Millennials are definitely looking at a different retirement,” says Derek Mazzarella, a millennial and a financial advisor with The Bulfinch Group in Needham, Mass. Most Millennials’ parents entered the workforce when employers still offered pensions, he says. “Those pensions will not fund a full retirement, but for a large portion of the population from that generation, [pensions] will provide at least supplemental income. Millennials will not have this option unless they work for the government.”
It is a big difference. Gen-X folks started their careers with pensions, but most saw them yanked away at some point. Mine vanished at around 2004 never to return. Boomers saw them yanked pretty late in their careers meaning they already had a good chunk of money to supplement other retirement income.
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Old 05-18-2015, 11:37 AM
 
Location: The analog world
17,086 posts, read 9,821,832 times
Reputation: 22738
Uh, what pension? Neither my husband nor I had pensions at all, much less ones that were yanked away, and we entered the professional workforce in the late '80s and early '90s. In fact, for a couple of years, he didn't even have a 401k.
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Old 05-18-2015, 11:37 AM
 
Location: Florida
62,765 posts, read 34,208,449 times
Reputation: 10418
Quote:
Originally Posted by lilyflower3191981 View Post
Well, another point I want to make is that majority of my Millennials friends disapprove of the health reform law, whether it is called the “Affordable Care Act," or as “Obamacare.”
I would think they are happy being under their parents coverage until 26

Quote:
Many of my friends make over $100K/ Year, they all have private insurance providers.
Most people have always had private insurance plans, even ones making way under 100K. That has not changed.
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