More than one-third of millennials believe they won’t get a dime of Social Security when they retire, so they’re taking matters into their own hands

Millennials fretting about their financial future can take comfort in knowing they are on track to retire in a better financial position than they probably think.

A lot of things were supposed to be better than we thought in the beginning

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.

Vanguard assesses retirement readiness assuming your post-employment income should match around 68% of your annual salary.

Millennials in the 70th percentile of earners are the only demographic on track to come anywhere close to that coveted ratio. Early millennials are expected to hit 66% of their annual salary at retirement, while Gen X lags at 53% and late baby boomers at 51%.

Yay, wealthier Millennials? Way to grind that 401K

Wait, Millennials think they will get to retire? How cute.

GenX here and I’ll never be able to afford retirement. I’m hoping Carousel is a thing by then.

Ya, I don't think so. As a 37 yo millennial, my retirement plan is to sell my parents house, live as long and comfortabley as I can off that, then eat a bullet. Actual retirement is not something I expect to be capable of.

That's a weird way to say "millennial tend to have retirement plans"

Not having children is my retirement. I will probably work till I'm old and gray so I just tuck what I can away, buy things that hold value, and live my life.

I mean I don't disagree with the headline, but the article is just an ad.

The real headline here is that 2/3 of millennials think they're getting Social Security, or that retirement is going to be an option for them. It's optimistic, but not realistic.

I'm in this window and don't feel that's the case.

I am resigned to working until I die, leaving my retirement funds to my kid so maybe she'll have a leg up, or at least be able to survive.

Surely more than one third of millennials are outside the USA and don't have access to it's social security.

Gen X here and an older one at that.

I don't think I'll get SS and I will be of retirement age in the next 12 years.

My funeral will also be my retirement party.

I highly doubt the US government will be in a position to pay out social security when I'm in need of it.

Can you define this word "retire" for me?

in Australia 12% (used to be 10) of your salary is automatically invested for your retirement that you can't touch until then except in extreme circumstances (or you have a shit PM who let's anyone withdraw it during covid). even then, it will be hard to say it will be enough and you want some other side investments. if you don't own a house, like many my age, things would be grim.

and even in bad scenarios, we accept none of us will ever see a pension. currently boomers can get a rediculous amount on top of owning a large valuable house and they will screech black and blue about "entitlements" but for everyone else it's a "handout"

Late Gen X-er here, I don't think I'm going to see any social security money.

Lol retire

The closest thing I have to a retirement account is my full keif tray.

i'm 39 and live in Germany where we're supposed to have such an amazing social security. Even I don't have hopes for retirement security. "but you can get private retirement insurance" -. well not if i'm not earning enough to put something to the side comfortably, and hey i'm in one of those "important jobs for the society" fml

Article written by a non millennial. Totally accurate source

Millennial here. My plan is to use my notes from the movie Nomadland and plan my life to life like that until I die on the side of the road.

“…expected cuts to Social Security benefits materialize…”

Um, how about no? What if, instead, we taxed the billionaires, or simply raid their offshore accounts, to fund the program? If corporate media didn’t removed about it on their behalf, would they even notice?

What if you're in your late 30's and you have ~20k in debt and barely any savings to last a month. I'm staring down a hopeless void.

In fact, a new survey from Nationwide and Harris Poll found that 39% of millennials and 45% of Gen Z believe they won’t receive a dime of Social Security.

Meanwhile, 61% of millennials and 55% of Gen Z don't know what Social Security is.

Does it count if my retirement plan is a van? Because. It's more than likely going to be a coffin appartment or a van with ways are going and I have one of the good pensions

Millennial here and I have a few family members that rely on SSDI so I just like that my contributions support them. I'll figure things out myself for retirement. But an estimated 7.8 million people rely on SSDI and taking that away from them could very well be death sentences. We have to do better.

This sounds like the solution is to make sure their boomer parents have accidents.

The social security insolvency boogie man gets dragged out to scare everyone at least once a generation. It really is a persistent feature of how our nation is managed.

Remembering The Circle Jerks "Shit hits the fan" from early 1980's.

40yo millennial checking in. I landed a job at the state run hospital and signed up for the pension. Before I managed that, my "retirement plan" was to be a traveler. Pick up 13 week assignments all over the country with some down time between assignments. I still have it in my back pocket just in case.

In my country we know that for sure since so many young people are leaving the country and the rest are working minimum wages because employers are paying them on the side to avoid paying taxes. We are also not allowed to take out our pension savings, like you can in USA. So you end up working like an idiot for government to maybe pay you back money if you manage to live up to average age.

Not me. I’m gonna just die in a gutter somewhere.

Thanks O’Bidump W. Reagordarterxon.

Shit's going to fall apart completely at some point, but we were thinking this 30 years ago too and its still somehow kicking along. Is it enough to bank on for retirement? Absolutely not, but that's also sadly been true for quite a while.