Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Most retirees are going to be more concerned about getting theirs. They're not really concerned about what millennials will be getting long after they're gone.
I don't see any problems what Millennials will need to do is raise rates just like we raised rates on ourselves.
I started my first W2 work in 1965 when the social security tax rate was 3.625%.
I am a baby boomer and my husband paid all his life into SS which paid the benefits of OUR parents. But the young people of today say why should we have to pay for our parents benefits?
Maybe parents should just present them with a bill for raising them instead.
Saving Social Security comes down to two choices. We can cut the benefits of those who have already paid an enormous price to fix Social Security once, or we can ask workers who don’t believe that they will ever get paid to contribute more.
Author’s note: Readers are going to ask about increasing the cap on taxable wages. I suspect that some change in the tax base is unavoidable, but (1) Eliminating the cap doesn’t fix the problem. It does not even officially kick the can anymore. (2) The policy introduces structural changes to the program which will over time crash the program. This solution appeals to the people who wish to throw other people’s money at the problem. I am happy to take questions in the comments.
This is horse puckey. There is no need to do anything different, unless of course, the millennials are a bunch of bums, and then yeah - ya'll need to change that lol. Otherwise, don't let the 'experts' hood-wink you.
The millennials almost out number the boomers, and the boomers have at least 5 more years before they will ALL be on SS. The only thing that could change the system is if all the millennials decide they are not going to work, or that they will not be having any children. The children will be the one's paying the millennials SS, just like the millennials are and will be paying the boomers SS.
If SS truly is in trouble at any point, all the government has to do is not buy a few hundred million dollar missiles for a year or so and wala! Problem solved.
This does not mean that the millennials should not prepare for life with additional plans like 401K and 403b plans. SS will be like living on welfare for us all, if we don't plan and save to try to accomplish more savings to put towards our old age.
Until 2034. Then what? The younger generations are going to have to pick up most of the bill for the Boomers. Or our SS will be reduced.
Nah!
Expenditures have little to do with tax receipts.
We'll fund it the old-fashioned way - the FED will create money for the Treasury to write checks.
In a lot of generational discussions, Gen X is not discussed at length because it is a comparatively smaller generation. X'ers day in the sun in terms of cultural importance is now a part of the past. A lot of Millennials are now even past their primes culturally. Generation Z is the rising generation as its oldest members are now in their early 20s.
Oh we know. We never really had much of a day in the sun, but that's fine. Beyond eyerolls, it's just poser city out there. Anyway, it's always been a numbers game. Imagine being the first one in an office and trying to get people to utilize e-mail...and then utilize it correctly. Please don't make me print out a whole book just to look at a spreadsheet and then only comment on the margin settings and ignore the content... Yes sir, I'll use my way to come up with the answer in an hour and then devote the rest of the day to figuring out how to put it into a pretty book and get them hand delivered with physical notes back while walking around the office and catching people to set up a meeting. Ok, I've printed you a map and itinerary and where you need to be for your day. Oh, you don't trust the internet map...yes, let me try and find local paper map and make a copy shrunk to a page to fit in your book... Yes sir, Rand McNally.
By the time the culture shift finally changed...we were no longer the wiz kids with the best tech anymore. Whatev.
Naw, it was weird when Millennials started showing up. It was good, because there wasn't enough of us to do all this handholding garbage and move forward, but it was strange. Eager and happy and demanding feedback. And then the bosses decided to embrace the technology with more realistic objectives. Like, why haven't you listened for the past 15 years?
But, it's totally cool. Because there's a bunch of Millennials. No way in hades were the Xers going to be able to support twice as many retirees as there were us. Plain as day the SSA was going to end up selling all of their retirement treasury bonds and there wasn't going to be enough inputs to overcome. Even now, 10 years into a bull market the number of employed is smaller than it was in 2000. But I have faith in the Millenials. You'll work, and pay taxes. There's a ton of you and you're all so gifted. The numbers will work....for the Xers. There's even more of you than there are Boomers. If the Boomers don't crash the country with their unadjusted actuarial reality on entitlement programs and giant state pension deficits, then the financial reality will improve....until well....you guys decide to retire. Not sure how many are in Z, but there better be a ton if you guys are going to have a chance...because your surplus payments are only going to fill the giant hole left to us both as our inheritance.
You can try talking with the Boomers. The entire time you'll be told we paid our dues, we paid our dues....dude, if we move from a massive surplus to a massive deficit....you didn't pay ALL of your dues....you paid some of them. Earlier some guy was talking about paying 7% of their check for a pension.....wow, 7% for 40 years for a continued paycheck? But again...whatever...they've been brainwashed into believing the system and not doing math when it suits them. If someone says cake is available for eating and storage...it's believed. You guys obviously are better at communicating with them...so good luck. Frankly, by this point, i think they know...but they just don't care.
So, the only advice I can give is...go have babies man. Lots of babies. It's the only way working for on/off for 40 years at a combined 15.3% deduction pays for 30 more years of retirement on bonds yielding not much. You need more workers to keep the pyramid up, but really you need it to be babies...because babies can't bring an entire old extended family over to get free slices of a pie they contributed nothing into.
Now, I haven't a clue as to what those babies will do for a living...except possibly care for old retirees. Old retirees that just keep L-I-V-I-N. Time for some Nirvana.
Didn't get to read all of this yet, but I am a 58.5 year old expecting to start taking my SS retirement payout at 70. I expect to get about 75% of the figure that the SS says I will get - because there will be enough workers to continue paying SS taxes at the present level to support about 3/4 of the current SS payout til the end of the century. I don't see why millennials wouldn't get SS too, although it will be 1/4 less than today.
SS is not meant for living the life in retirement, it's a security net so that you can at least afford cheap housing and Alpo. So it will be there in some lesser form, unless we form some death panels and start culling the herd.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
