Wednesday, June 7, 2017

Millennials and social security

Reason discusses Millennials and Social Security:
Now is an excellent time to remind working age Americans that Social Security is not a sufficient primary income for today's retirees, and likely won't be for future retirees. While very few Americans of any age are prepared for retirement, millennials are better positioned than most to set up alternate streams of retirement income. As of right now, most of us aren't saving nearly enough using tax-advantaged savings accounts, but we have time. We should not spend it waiting for decisive action on Social Security, be it Bush-style reform or the opposite.
The problem for millennials is they have not voted their preferences  very distinctly.  They have accepted the Magic Walrus prayer and assumed that is good enough.

Not so, who is reciting the Magic Walrus prayer? Professors who are first in line with their pension checks, then boomers, then millennials come in last.  Why last? Because millennials never voted, there retirement does not count.

Suggestion for millennials, force the issue.  You are better off getting an explicitly bad deal than an implicitly much worse deal.  But whatever horrific nonsense the Magic Walrus shoves at you, always remember, you best protection is a secure element and participation in the sand box.

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