Gen Z and Millenial hatred and vitriol toward boomers

[SB_SB]

Where did I say everyone had a pension? Once again you are making assumptions to fit your own narrative. People who have pensions have faired far better in retirement than those that do not. That is my point, because the 3 pronged approach, social security, pension, and personal savings, works. When you are missing one of those three, in the majority of cases, people struggle to retire. Usually because they haven't been able to save enough money. And that can be for a variety of reasons, from never getting paid enough to put money away and pay bills to just being irresponsible.

But there has never been a 3 pronged approach. Are you really wanting to force every company to have a pension plan?

 

[SoDakHawk]

Change the 401k laws to increase the employer contribution. Current rules:


The employer must make at least either:

• A matching contribution of 100 percent for salary deferrals up to 1 percent of compensation and a 50 percent match for all salary deferrals above 1 percent but no more than 6 percent of compensation; or
• A nonelective contribution of 3 percent of compensation to all participants

Change it to increase the nonelective contribution to 5% and the matching contribution to 10%. Or do the math and come up with some other number that gets us in the wheelhouse where people can retire more comfortably with just a 401k.

 

[BioHawk]

But there has never been a 3 pronged approach. Are you really wanting to force every company to have a pension plan?

There are a lot of ways to do it, but certainly the largest corporations recording record profits can afford to give some of that back to their employees in the form of pensions (Which the employees would contribute to as well). Obviously it isn't as viable for small businesses, but I'm sure people much smarter than me can figure out a reasonable way to create groups or some other method to provide pensions.

 

[SB_SB]

There are a lot of ways to do it, but certainly the largest corporations recording record profits can afford to give some of that back to their employees in the form of pensions (Which the employees would contribute to as well). Obviously it isn't as viable for small businesses, but I'm sure people much smarter than me can figure out a reasonable way to create groups or some other method to provide pensions.

I personally would rather see the corporate match on 401K's be higher than what it is now. That way people can build a better retirement and it follows them. Your 3 prong approach becomes, personal contribute, corporate contribution, and social security.

 

[BioHawk]

I personally would rather see the corporate match on 401K's be higher than what it is now. That way people can build a better retirement and it follows them. Your 3 prong approach becomes, personal contribute, corporate contribution, and social security.

I could agree to something like that. It just can't be up to the individual to somehow have to do two of the prongs themselves because only the top 15-20% of earners are going to be able to make enough to make that a viable path and not live a paltry existence up until retirement. Increasing employer contributions is one idea to offset it.

 

[TC Nole OX]

George Carlin

 

[TC Nole OX]

 

[millah_22]

View embedded media

The Kellogg's CEO that suggested people save money by eating cereal for supper.

Or the news article that suggested people save money by skipping a meal every day

 

[Slappy Pappy]

The Kellogg's CEO that suggested people save money by eating cereal for supper.

Or the news article that suggested people save money by skipping a meal every day

Read something interesting.

Over 1 million baby boomers will die between now and election day.

About 2 million Gen. Z'ers will earn the right to register and vote by then.