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There is no reason millennials won't enjoy SS benefits when they are due. Because the moneys can always be created.
TRANSLATION: The money you put in the bank now, to spend when the millennials retire, will be worth about 1/4 of what it was worth when you put it in. If you were wondering who pays for SS extended an extra 30 years past when it was supposed to fail, you just found out. Sucker.
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SS is guaranteed and risk free.
Sure is - guaranteed to be worth less. If you paid in an amount that could have bought a new medium-nice sedan, by the time you get it back, even if you get back the same dollar amount you put in, it can pay for maybe a fancy bicycle.
Why isn't this a larger topic? Millennials are contributing 12.4% of their salaries (with match) for something they will never receive.
Are you looking for reasons to feel anxious? SS failing and the flow of money stopping has been talked about and predicted for decades now.
At some point, we have to take responsibility for the content we choose to allow into our lives and exercise the one omnipotent power we retain -- use the OFF button.
Turn off the TV, or talk radio, don't go to clickbait articles designed to trigger, take a break and connect with some nature, sunshine, fresh air, something/anything that's not about any media or "news."
I feel you. As an "old" Millennial I watched as 401ks were slaughtered in 2009 and I also can see that much of the gains in the stock market and 401ks after 2008 were due to the money printing machine and stock buybacks.
I do wonder what happens if the Fed Money gets cut off for years and 401k returns flatten. People are still not honest with themselves regarding where the Stock market gains came from over the past 10 years. Everyone was a Stock market Genius for years until the free money ride was closed.
Another recession plus no Fed money could be a regression in 401k's for soon-to-retire Boomers. Also, fewer and fewer employers are offering 401k matches or incentives which is a new issue (along with 1 recession) reflected in the paltry 401k and retirement funds Millennials have in comparison to their older counterparts at the same age.
The question then is why are you being so risky with your 401K ?
TRANSLATION: The money you put in the bank now, to spend when the millennials retire, will be worth about 1/4 of what it was worth when you put it in. If you were wondering who pays for SS extended an extra 30 years past when it was supposed to fail, you just found out. Sucker.
Sure is - guaranteed to be worth less. If you paid in an amount that could have bought a new medium-nice sedan, by the time you get it back, even if you get back the same dollar amount you put in, it can pay for maybe a fancy bicycle.
Inflation is always possible. But usually better than having no money.
This is why everyone needs to start early in life with inflation beating investments.
another gen-Xer chiming in that heard the same story ever since i started paying attention. i'll be pleasantly surprised if i get money out of SS.
I planned a retirement without SS as a Baby Boomer and now I'm getting it and you probably will too. Still I advise you to prepare as if you won't get SS, if you do get it, you'll have what you saved up to play with as we are doing.
Heck, I'm near the top of the Gen X pile, and I'd much rather have my money put into a 401k-type plan than the Ponzi scheme known as Social Security. If the Millennials can somehow get it done, I'll applaud them.
They are both Ponzi scheme. SS is a better one actually because the system is backed by new contributors. Also the government can print money and put it into the system, if they wanted to. Why would they do this? Because it's in their best political interests to keep the system going.
With 401K, you are at mercy of the market. Retire at the wrong time when market is crashing and you are screwed.
Not trying to change the subject but the cost of medicare is outrageous and partly due to greedy doctors taking advantage of seniors.
You evidently do not work in the medical field. My wife does, and dealing with Medicare is her job. Doctors aren’t getting rich off of Medicare reimbursements. What the doctor charges Medicare and what Medicare actually pays are widely different. Off the top, Medicare kicks about 20% off the bill by contracting an “allowable,” which is the maximum that they will pay. This is the responsibility of the patient, generally, or covered by supplemental. There are then other “discounts” which Medicare applies to the bill before paying what they deem to be a fair amount. That money is simply gone.
Doctors don’t contract with Medicare because of massive cash payouts. They contract with Medicare because of a whole bunch of small payouts. If you’re upset that Medicare and medical care are so expensive, blame the mental midgets who passed a nearly 3,000 page law along with thousands of pages of accompanying legislation in the belief that more regulation would make things cheaper. Half of the staff in your doctor’s office does nothing but deal with regulatory bs and collect money from insurance companies, unless the doctor is paying a large chunk of money to contract that portion of the business out. Either way, it’s overhead, which raises the cost of services without adding anything of value to those services.
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