Investors Business Daily reports on an opinion poll from the Transamerica Center for Retirement Studies. The Millennial generation isn’t exactly counting on Social Security to take care of them in retirement, and instead have (or report having) begun saving for retirement themselves, at rates Transamerica claims are surprisingly high.
Check out the whole story for details.
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4 comments:
The report was about whether people thought they were informed, not about whether they were correct. Less than 50% of every generation thouight they knew more than "some" about SS.
Congress needs to start talking about SS in such a way that voters will not just be asked to sign on to reform plans, but to actually learn something.
Are you sitting comfortably? Many an afternoon has been enjoyed by a family, bonding over the discussion of Business Security. While it is becoming a hot topic for debate, there are just not enough blues songs written about Business Security. Inevitably Business Security is often misunderstood by the over 50, many of whom fail to comprehend the full scope of Business Security.
Last evening I heard a reporter finally report that the boomers were not the largest group anymore. They have been passed by their children in number.
It took them long enough to realize that the number of boomer children out numbered their parents.
I wonder how long it will take for some to realize that the problem facing social security does not subside with the passing of the boomers, but is only the beginning of ever decreasing worker to beneficiary ratios.
Few people understand the mechanics of social security do to ignorance. Ignorance in and of itself is not a bad thing. We are all ignorant of many things; how to fix cars, home repairs, math, english, history, politics and the list is endless. However, a vast number of people believe they know a lot about social security. These may be described as the eight blind men describing an Elephant.
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