Posted on 03/29/2014 11:04:18 AM PDT by SeekAndFind
Their golden years aren’t looking so golden. A mere 6 percent of the so-called millennial generation think they will receive the same level of Social Security benefits as current retirees, according to a study recently released by the Pew Research Center.
It is hard to decide the appropriate reaction to this finding. On one hand, I am relieved that the vast majority of this generation understands that there is little hope Social Security will be around for their retirement — regardless of how much they pay in taxes. On the other hand, I am incredulous that 6 percent of this group still cling to the delusion that the Social Security gravy train will continue on its current path.
This generation, which entered the job market just as the economy dropped into the Great Recession, could well be the unluckiest. The already degraded outlook for millennials is made even worse by laws that shift wealth from younger to older generations, as well as the continued failure from Washington to enact the reforms necessary to keep the largest retirement safety-net programs, such as Social Security, solvent for the long term.
The millennial generation is currently between the ages of 18 and 33. According to the Pew study, they are heavily burdened by student debt and have higher levels of unemployment and poverty than the generations that preceded them.
Their income and wealth levels are also lower than was the case for the earlier generations at comparable times. This lack of economic stability drives the lower marriage rates for millennials — 26 percent compared with 36 percent for Generation X and 48 percent for the baby boomers — at the same point in their lives.
Their coming of age at the start of the Great Recession might haunt many millennials for decades.
(Excerpt) Read more at washingtontimes.com ...
Social Security....delusion....yep!
News Flash! They’re not the only suckers. We are too...
Let’s see now. SS was started for AMERICANS working supporting AMERICANS retired. Both were PAYING INTO SS. Maybe there were 10-20 working for each retired. Here’s the news. There is still 10-20 working for each retiree but they are working on jobs exported to foreign countries. There neither they nor their employers pay into SS. Now that’s quite a screwing of the SS system and generates considerable shortfall. So let’s restore the system by adding a SS tariff on all incoming tax free stuff which would also equalize the burden on American companies which pay the SS taxes.
Not to mention that some of what was paid in ends up disappearing for non-retirement payments. So fund that separately.
Not to mention that the value of what was paid in disappears in the inflation produced to balance the budget. So make sure that SS income is inflation protected.
So fear not younger generations, do these things and it will be there for you. My I finished by GI Bill college, starting pay was $2500 per year. Now lets say 50,000 [20X]. So do the math, when you retire, starting pay will be 1,000,000 and you’ll get your money back also. Don’t let the government screw you with trade agreements and inflation.
The Baby Boomers never thought they would see a dime either and yet they are collecting. It has always been the thought that it would disappear and it has never done so.
Every generation after the “greatest generation” is in danger of being screwed by SS.
Only those who received benefits and died prior to the coming SHTF crash escape the consequences of the crumbling pyramid.
My Great grandmother was widowed in the fifties in her mid-fifties and lived till she was 108, drew survivor benefits for 48 years (starting at age sixty) and never worked outside the home.
“It has always been the thought that it would disappear and it has never done so.”
No, it will disappear. And you can thank ‘the bent one’ for pulling off the scam.
Take the disabilities rules back to the 1991 versions, and almost instantly the Social Security situation gets MUCH better. However when clintoon “ended welfare” in the 90’s, what the scumbag actually did was move billions of dollars of welfare into SS through a HUGE enlargement of disability rules.
Everyone focuses on how many are paying in versus how many are drawing out. The real number, and one you will NEVER hear, is how many are drawing out that never paid ANYTHING in. Hint - it gets bigger every year!
Thanks SeekAndFind. Hey, they could just work for Tina Fey.
About 10 years ago my wife’s then 26 year old daughter kept talking about her “inheritance”. We finally asked her why she thought she should deserve an inheritance. She said “Well, Social Security won’t be enough when I get older so you’re going to have to give me my retirement.” She was shocked when we explained to her that she would have to work and pay into the system in order to get social security. Then she got mad. She got really mad when we explained to her that we had nothing for her to inherit and if we did it would go to my dogs before it went to her.
She’s now pushing 40 and still hasn’t figured it out.
Clinton moved a lot of blacks from welfare to government jobs in the state of Arkansas.
“It has always been the thought that it would disappear and it has never done so.”
Half of it has “disappeared”.
By using a phony CPI number, instead of the actual CPI, starting with the Carter Administration; Democrats have caused current SS payments to be HALF of what they should be.
So the disappearing act is incremental.
I’m drawing my social security now but, when I was in my 40s and 50s, I didn’t think that SS funds would still be there when my time came. I hadn’t, however, considered the extent of money-printing that the government would undertake. Today’s young people are probably going to actually experience what I once feared. The sad reality has only been postponed.
Socialist Security has it’s winners and big time losers.
Sadly I am one of the winners.
My wife passed away when she had childbirth complications.
I drew SS death benefits for two children for 13 years and for one child for five.
“Every generation after the “greatest generation” is in danger of being screwed by SS.”
—
Not true.
.
Millennials who got degrees in marketable fields have no trouble finding a job. And if they were smart and went to a state college or took to years at a community college before transferring they have little debt to pay off.
My recently graduated niece works growing adult stem cells for ALS research, and her husband started as an intern with a radio station during college, and now that he’s graduated he manages all of their digital media.
Life is hard when you’re stupid, and if your parents were too stupid to help guide you into an affordable, useful education, well that’s TFB.
BTW, I’m talking to Millennials, not you SeekAndFind...
Every Ponzi scheme has a self destruct date. No exceptions. Not even this one!
More so if more of those drawing out include parasites who never contributed a single cent~!
Before it “dies” they have to life the entire cap first. The cap is at 115K…they have a long way to go before this scheme is dead.
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