Of all generational cohorts, older millennials are most likely to generate enough income to retire comfortably, according to the latest Vanguard Retirement Readiness report.
Specifically, millennials aged 37-41 have the greatest chance of landing a comfortable retirement.
I mean, cool. But, the idea is we are paying in so we get to take out when it’s our turn. I’m definitely not cool with spending my lifetime having them take money out of my paycheck and then not seeing any of it when it’s my turn to retire. Sorry. I’m not buying this republican talking point like Social Security disappearing is a foregone conclusion. It’s MY money.
All they need to do is raise the salary cap where they stop taking social security taxes out of your paycheck and Social Security is saved. Today, any income you earn above 160,200 is exempt from social security taxes. Most Americans don’t make close to that amount. Make that cap 500,000, or 1,000,000 and we’re fine. Social security being in danger is just some Republican talking point because the rich don’t want to pay taxes.
It’s not exactly that I’m buying into it disappearing is a foregone conclusion - just that if something doesn’t happen to proactively protect and improve the system, than yeah, it’s in big trouble in the next decade. And my personal bias puts my main concern on the people who rely on it for disability insurance since they are some of the most vulnerable. Of course I want what I paid into it myself later in life, but at least I can see it helping those close to me for some consolation if it doesn’t.
Ha! Read your money. Now read about fiat. It’s literally not your property. It’s the government’s and they’re letting you borrow a little.