What the hell is this shit? Instead of pushing for the return to traditional pensions, capitalism is celebrating the idea that Millennials and Gen Z may simply never be able to stop working.

So much propaganda in this article.

Knowing you won't be able to retire, and making plans accordingly, is acceptance of the situation.

It's not a fucking preference.

Maybe, just maybe, Gen-Z is not saving as much for the future because (1) they have less money to save due to inflation, and (2) they don’t foresee a viable future. These reasons can also explain the parenthood rate dropping lately.

are currently between 27 and 42 years old — are significantly more likely to want to do some form of paid work during retirement.

Want is not the right word there, and it completely changes the message. This is a fucking hit job, trying to convince people that company executives stealing pension plans, and a failed society that abandons its elderly, is something young people desire.

what the fuck is up with all these pansy-ass terms suits keep coming up with? "quiet quitting" and now "soft saving"?

fuck this marshmallow flavoured cyanide bullshit

did some idiot confuse "worried we will have to work until death" with "wanting to work until death"?

get fucked capitalist class. the minute I can afford not to work I will stop. the problem is you guys fucked the system so hard that it seems that point is so far away, or not attainable at all.

I feel so sorry for the retired boomers on good pensions in their big houses with nothing better to do than wish they were working again

end rant

This honestly sounds like propaganda trying to convince people this is a thing.

1. open mouth
2. insert rich people
3. chew vigorously
4. swallow

One thing worth noting that's tangentially related: the reason Social Security faces solvency concerns is not that they couldn't anticipate the Boomers' retirement, but because under Boomer management, wages (which are the basis for Social Security's funding) have been suppressed, particularly on the low end of the wage scale.

They saw the Boomers coming a mile away. What they didn't see coming was that they'd flatline the minimum wage and kill off unions

I have no idea where they pull these statistics from. It's increasingly sad that we should get more time off as labour gets automated and cheaper, not less.

A soft lifestyle? And to think this whole time I thought it was just called "being poor and underpaid"

I don't get the privilege of owning a home, why should I get to retire? 🤷‍♀️

From the article...

According to the U.S. Bureau of Economic Analysis, Americans are saving less in 2023. The personal saving rate — the portion of disposable income one sets aside for savings — was significantly lower at 3.9% in August, compared to the 8.51% average in the past decade, according to data from Trading Economics which goes as far back as 1959.

Additionally, inflation makes it harder for people to cover their expenses or save, Koehler said.

A report by Blackrock shows that in 2023, only 53% of workers believe they are on track to retire with the lifestyle they want. A lack of retirement income, worries over market volatility and high inflation were some of the reasons cited for a lack of confidence about retirement among workers.

It really just is time for companies to pay more money to their employees, to share the wealth better, back like how we used to.

It's wild to think that in the past only one person would have to work and a couple would be able to afford a house and raise a family. I can't see how that can be done in today's world.

Someone dig up FDR and ask him the redo the 'New Deal'.

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Why should people push for traditional pensions? I don't want to be stuck at a crappy job just because leaving would reset my retirement clock. It's the same reason healthcare shouldn't be attached to the employer either.

If my calculations are correct, my cheeseburger and pizza diet will kill me around the time I want to stop working. That's my retirement.

This increasing preference for a lifelong income

These crazy kids with their preferences for avocado toast and Tik Tok and never being able to stop working!

You know, I am Gen X and honestly have never thought I'd be able to retire. I worked when pregnant until the day I had the baby, every time.

I now just try to keep work sustainable, take my PTO, don't give them everything now for some potential future return.

No, I don't need paid employment to have a full and happy life. There is plenty to do. But it's not the worst life either.

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There’s about a 0.1% chance Social Security will be around when I retire, and the increasing costs of living have almost certainly cut into my ability to retire at a reasonable age.

I’m probably going to work till the day I die, it’ll just be contingent on if I work for myself or not.

lolz gen X forgotten again.

I'm 40 and I've always "known" that there would be no retirement for "us".

Consequentially, as the eternally wise Homer Simpson once stated; "my lifestyle is my retirement plan".

I genuinely hope never to reach age 70 or over. I've known lots of old people in my life and the ONLY TWO who were somewhat happy were my maternal grandparents. And even they will soon have to deal with losing one another since they're so old.

I don't intend to go through all that. I'll live what I can, as long as I can, and as soon as I can't anymore, it's exit left.

I doubt I'll be the only one.

A belief in the future is actually a foundational requirement of capitalism.

What we have here is neo-fudalism, where the points are made up and the people believe in nothing.

Want? No. Need.

Barely mentioned: wage stagnation and inflation.

It always got me how much it costs to be able to work.

I disagree with the editorialising from the title comment. To me it doesn't seem to celebrate or even opine anything, and that's actually kind of frustrating, because it's obviously bad that people are intending to work longer, regardless of their actual preferences.

Having read the article, to me it's not entirely obvious whether people feel that (A) they don't have enough to save regardless of their intentions (B) they feel saving for retirement is futile for whatever reason, or (C) even if they had extra money, they would prefer to spend the extra on here and now.

The article kind of hints that it's more B or C than A, but it isn't really explicit, and I think that would be the really interesting part of this story to report.

I feel like my impression of CNBC from a while back was that it just covered stocks and business mergers and stuff like that, but between this, COVID, and the UAW strike it's really been demonstrating its position as a newspaper for business rather than simply about it.

greedy people have all the money, you just have to take it from them.. they're not going to give up their wealth and power because it's the right thing to do..

Pensions for the most part are gone and are not coming back.

It’s why I think Congress should require employer contributions to a 401k and a match. By law.

The only solution is to eat the rich.

Industrial society and it's consequences have been a disaster for the human race

As a worker I don't like the idea of a pension. It's too easy for some future regime to just get rid of my retirement fund. As long as wage slavery exist I would rather own my own retirement plan.

I don’t mind working to old age, as long as I can have 6 hour workdays. But let’s be reasonable, no 80 year old grandpa is going to be productive at work.

As a millennial, I probably would also want to work a bit in retirement for fun, but not like the job I work now, something more chill or maybe freelance projects.

Obviously that'd require having lots of retirement savings so that working isn't a requirement

It's interesting that we have a generation of politicians who refuse to retire, meanwhile the generations behind them see the option to retire going away. Maybe there is a connection?

That makes no sense.

Speaking for myself, I plan to remain active for as long as I can manage because I've seen what retirement causes to people. Vegetating on a sofa in front of a TV is not a good way to spend your last stretch on this planet. But neither is working.

And even when I no longer have interest in working for a salary, I want to remain active. Hopefully I'll have grandchildren to help with, my dogs to train and a garden to tend. But I do want to retire and expect everyone to do the same.

The way the system is being "overhauled" is bonkers. I was listening to a podcast the other day where it was calculated that for the EU, by 2050, pensions would be around 45% of the final salary earned, with some exceptions reaching 95%.

I don't expect for my (hopefully) pension to cover for luxuries but I do expect it to aid me maintaining a decent, even if frugal, standard of living. I do not want a millionaire pension, like many paid today, over tens of thousands of Euros.

Be brave and set maximum values for pensions. I've known people with pensions over €5000; minimum wage in my country is €765x14: that's €10.710, yearly, before taxes. Do rest of the math in your head. A few years back, it was outed the highest pension paid in the country was around €120.000, per month. That is insane. Meanwhile, many receive pensions below €200.

HA, I hope people realize how a large amount of Gen X also are not able to retire. This is just accepted that now for people under a certain threshold of wealth retirement is but a fantasy.

There must be an advocation for a universal monthly social security payment (and expanded universal medicaid) from birth. Fund them in the short term by eliminating the taxable income cap for OASDI.

If we were in a functioning society that responded to actual issues... Gotta finish the civil war first tho.

They're almost asking us to become Lenin at this point

Preface: I'm not intending to come off as bragging, but providing some justification

I make plenty enough to retire by 45. Does that mean I'll stop working by 45? No, that sounds ridiculously boring. I'd rather work part time or do contract work until I'm physically and mentally unable because otherwise I'll become a vegetable. I enjoy my work and at the moment have no intentions of stopping at any point

Retirement sounds like hell to me and has long seemed merely like a way to convince massive amounts of the population to delay taking earnings (pensions) or indirectly give their money to hedge fund managers to operate against their interests.

"traditional pensions" is a misleading lie. The idea of ceasing to work after reaching a certain age, has been around since around the 18th century, quite new stuff considering how long homo sapiens is around.

And don't get angry at me, I personally think it's a great thing, I'm not an entrepeneur, I'm salaried and I'm hoping to retire eventually, but how the world economics is going, I'm not holding my breath.

Retirement plans worked great during the wars, lots of fine men never reclaiming their retirement money after years of paying for it because they're all KIA. More money to share with fewer people.

Then, after the war, we got the baby boom, lots of fresh meat eager to work to support the retirement of the previous workforce, or what remains of that, after all the PTSD and diseases.

Now? Since you are reading this here on Lemmy, I'm supposing you're tech savy, educated and curious. So you already know population is shrinking around the (first) world. Retirement plans as we know are not sustainable.

What I suggest, is talk to your bank, your consultant, your insurance. Figure out what kind of products they offer as "private retirement plans" and what's their suggestion. Don't expect the government to do something for you (especially in the US).

Do it yesterday, if not possible, then as soon as you can. The earlier you start planning your future, the better.

And if you change your mind, you could always withdraw that money and buy a house, which is something almost impossible until you escape the "living paycheck to paycheck" mentality.

It's better for a few to break up pension investment and have a generation die at a desk, perhaps

capitalism is celebrating

capitalism is not a person

Hell of a fake news editorialize. Where is the "celebration" in this article? You could equally spin this article as "Gen Z and Millennials refuse to contribute to generational wealth and prioritize making capital enrich their lives instead."

"However, this fear may not be that much of a concern for the younger generation, as most are actually looking to retire early — or to retire at all, the report by Intuit showed.

Traditionally, retiring entails leaving the workforce permanently. However, experts found that the very definition of retirement is also changing between generations."

I am seeing that with my parents. My dad has had offers to make some pretty good cash as a consultant for a few hours a week here or there. In some industries, like law, a retired judge can make bank working in arbitration where they can pick up just a little work for a good pay check to keep them busy and have more fun money. And then there's the God's work that is unpaid, child care for grandchildren. For a generation that has lower birth rates as a personal choice, I can see those folks looking to do part time work if it's enjoyable and supports their other endeavors.

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I don't think this is necessarily negative. I'm a millennial in that 44% and I'm in no hurry to retire because my profession is my identity. I hope I live a long time, but I also hope that I can work until I die. What would I even do if I didn't work? I tried taking a year off once but I lasted a month before I was bored and looking for job.

(I don't mean to sound smug - I get that I'm lucky. But I'm also not that unusual.)