Young more enthusiastic about savings than middle-age people

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  • BostonLDS Salt lake City, UT
    Nov. 18, 2013 1:03 p.m.

    I am young and saving, because I know that the social security taxes I'm paying right now is going towards those that are already retired, and by the time I'm ready to retire there'll be nothing left for those my age unless the system is completely changed. It is definitely annoying to be paying for two retirements, but I know I'll be ready financially when I want to retire, so I'm not too bothered by it.
    I feel for those who are caught in the middle - those that grew up thinking they'd have Social Security, thus didn't save a lot, who are just now realizing they are basically never going to be able to afford to retire. I'm glad my parents thought ahead, and my grandparents are successful enough to not rely on social security!

  • RBB Sandy, UT
    Nov. 17, 2013 10:15 a.m.

    Yes, the youth are finally figuring out that their parents and grandparents have been taking out loans that they will have to pay back. There will simply be no money for social security or other programs as the interest on the national debt eventually becomes larger than all other government programs.

    The baby boomers held a $17,000,000,000,000 party, now it is for their children and grandchildren to clean up the mess.

  • samhill Salt Lake City, UT
    Nov. 15, 2013 7:53 a.m.

    This is encouraging news. I hope it's true and a sign of more to come.

    About 40 years ago I read an article predicting that the Social Security (SS) system would collapse sometime around 2020, right when I would be expecting to retire. Partly because of that ominous forecast but mostly because I have a strong streak of independence, I committed myself to doing all I could to NOT be reliant on SS when it was time for my retirement. Consequently, I saved every dime I could, investing each one as I thought wise. I also lived a fairly frugal life style, rarely eating out, for example.

    Consequently, even though my average income was only average, I'm now able to reasonably predict I can retire in relative comfort in a few years, with or without Social Security.

    So, to these young folks and everyone else, please know that, started early, it's fairly simple to ensure a reasonably decent retirement. There's nothing magical or fantastic about it. Though disaster can still strike from the blue and there will always be exceptions to the rules of prudent living, **usually**, it's a very doable thing. Play the odds.

  • peeannie west jordan, UT
    Nov. 14, 2013 3:10 p.m.

    This doesn't surprise me. While I only fit in on the tail end of the 'millenial' generation, I was raised with the attitude that my retirement will depend on me 100%. We came of age where pensions are almost unheard of and the 401K is the bare starting point. Even if you save the minimal match, it's not enough. On the other hand, my parents generation was raised with the mentality that if you get in with a good company and stick around 40 years, they will take care of you. Roughly 80% of workers had company pensions in 1985, today it is less than 17%. Also, we understand that social security will most likely not be there. We have always considered this our gravy if it's there when we reach 65. Last, a word of advice to anyone my age who may be struggling to save - open a Roth IRA. You can contribute $5k a year and take out the contributions at any time. You can't spend the dividends but it's a higher yield than a traditional savings. If you commit to putting any raise you get into your Roth, it will start to add up.