Why won’t Millennials be able to retire at 60?
#MillennialsRetirement #RetirementAge #FutureOfWork
Have you noticed the trend that millennials might not be able to retire at 60 like previous generations? Here’s why this shift in retirement age is happening and what it means for the future.
Life Expectancy and Retirement Age
– Did you know that the average life expectancy in the US has increased since the 1960s, yet the retirement age is not decreasing accordingly?
– Despite a significant rise in GDP per capita, retirement ages are not going down as expected.
– Shouldn’t advancements in technology and productivity lead to lower retirement ages instead of an increase?
Challenges Faced by Millennials
– Some argue that the economy is strained by longer-lived elderly individuals, making it difficult for younger generations to support them.
– However, with the increase in both life expectancy and GDP per capita, why aren’t retirement ages decreasing?
Systemic Failures in Retirement Age
– The rise in retirement age can be viewed as a failure of society’s institutions to achieve a fundamental goal.
– Why aren’t articles framing the delayed retirement age as a problem that needs to be addressed by society’s institutions?
In conclusion, the question remains: why are we seeing an increase in retirement age, and what can be done to ensure a secure retirement for future generations?
Hell I’ll be 60 this year and I ain’t retiring. Why call it retiring anyway?
Other than through wages the rich have almost no way to reciprocate money back into the lower economy with tax loopholes and such making it possible for them to cling to every last penny.
Millionaire buys groceries, probably not shopping local as it’s nearly impossible anyway. Buy a yacht or buy something online or on an auction they are really just trading money amongst the rich. The bottom 50% continue to funnel their money to the rich as well without a way back down.
With gdp growth outpacing wage growth by huge amounts the wealth of the country gets stuck at the top.
It’s important to remember that average life expectancy is just that – an average. People haven’t started aging longer or dying a few years earlier, the average was going up in large part due to medical advances making it easier to survive the things that killed people earlier in life. A large part of why it’s going down is anti-vax and the rising cost of healthcare meaning more people are dying younger, like around middle age, due to lack of health care.
Global A.L.E. Is going down in part because there is less medical aid to under-developed/over-exploited nations, long periods of violent unrest, and less births in medically advanced nations.
The reason is hidden in your life expectancy changes. Those life expectancy changes are wildly different [based on education level and social class](https://www.nytimes.com/2023/10/03/opinion/life-expectancy-college-degree.html). There is a large divergence in life expectancy between the upper and low class, by as much as 10 years. America is a society where the vast majority of the gains are captured by a rich elite rather than spread across society. Officially its been backsliding away from democracy into Oligarchy for years and years; [2014](https://www.bbc.com/news/blogs-echochambers-27074746), [2017](https://www.cnbc.com/2017/01/25/us-is-no-longer-a-full-democracy-eiu-warns.html), [today](https://www.thenation.com/article/society/cbo-american-wealth-inequality/). Increasing the retirement age allows the state, as an extension of the wealthy ruling class, to avoid paying for large benefits to more people. America is functionally a health insurance company with an army says Paul Krugman. Medicare and Medicaid make up 1/3 of expenditures, the military is the next largest, and then there’s “discretionary spending.”
So the retirement age is moving around the wealthy ruling elite’s life expectancy, not the life expectancy of everyone else.
ive accepted this long ago. its not a pretty reality at all. but i know im also not the only one. once we hit our older ages ant arent able to perform for the sake of capitalism, there will be thousands of us old folks littering the streets with our malnourished or straight up dead bodies. eventually change will come. but probably not in my lifetime. and im happy to upset the people up top by dying of starvation outside of their establishment because they would rather throw out the bread than give it away.
Oh! I’m retiring at 60 , whether I can afford it or not .
Vault-Tec plan D
Neither do Gen X’ ers, another thing going out with Boomers.
Bold of you to assume a lot of us will live to 60, with access to preventative healthcare being as it is.
already knew that 10 years ago
They raised Old Age Security in Canada last year too, the final couple years of boomers can get it but Gen X and on have to wait til 67 now. And that was done by our lovely previous Conservative government.
“My lifestyle is my retirement plan” Homer
Eat the rich, they’re keto
Out of all the people I know that are 60 and over, none can/could retire at that age now and in the last 10 years except one that was a lifetime federal worker.
just retire at 50 and live 5 good years and rope yourself like me. thats my retirement plan. hopefully i can save up enough money to make it at least 5 years.
My boomer dad is 66 and still working. His father retired at 53 with a full pension and healthcare.
Because articles and media at-large don’t serve anyone outside the wealthy-class. Think of it. The places that these media are centered are like NYC, where to be at them you are in the middle of the wealthy upper-class.
The wealthy never think of retirement because their entire lives are dedicated to image and growing money; and their version of work is nowhere near as taxing as the working man’s day.
Therefore when articles are written, they are written from the perspective of wealthy people. Workers living longer, and retiring earlier means there’s less people to run the services they benefit from. It means more people are taking Social Security longer, which likely means at some point we will want to tax them (the wealthy) more to fund it.
I hate to say “ThE mEdIa” as if I’m some ultra Right-Winger…but it’s true. The Media doesn’t serve a collective narrative, it serves a wealthy narrative.
They will be if they uproot this system and move to more of a socialist ideology. Capitalism will work you to death. It is insane that anybody is looking to maintain the system.
Its why I opted for Federal Civil Service after my Military time.
Will retire with full pension at 57.
Granted won’t be rich after putting 2 kids through college and another little one on the spectrum with special needs but definitely will retire.
I’m an xer. My only hope is to die at like 75. Maybe I can make it that far eating cat food two days a week and working at staples.
Jokes on them. My retirement plan is self deletion.
I’ve accepted that I’ll work till I die. And of my health the last few years is any indication, I got maybe a decade left.
Other than government workers who get pensions, who retires at 60?
People don’t retire at 60 now. They retire at 65 when Medicare starts. I’m not sure where you got the 60 number from.
lol retire? I’m gonna feed the sharks before I start falling apart.
Because capitalism. The haves are siphoning off the have nots to the point we are dying sooner but producing more. We are the prey of capatalism
Y’all keep slaving if you want to, but by 65 I will be I will be in a lower cost country and retired.
Wasn’t there a post on here yesterday/the day before that showed life span against average income? And poor people were nowhere near 76 years? So…yeah.
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Bet. I’ll be retired by about 55 tbh.
No there isn’t savings; no I’m not counting on inheritance; no I don’t have an extinguisher 401k.
I just have plans.
Because rich white guys have designed it that way. In America it’s now necessary to start working as a kid and to keep working until you die.
Tradesperson here retired at 58 with a nice pension affordable health care pensions social security annuity.dont believe anyone who tells you unions are bad there only bad for the rich
It’s not just millennials.
I’m at “retirement age” and it’s obvious the system has been rigged to keep me working longer.
* Social Security penalizes you for every year you take it before 70.
* Medicare doesn’t start till 65. The cost to self-insure in the years between 60 and 65 is enormous.
I’m viewing my 401k now as a bridge to get me from 60 to 70.
I have no doubt the medicare age will be raised to 70 (maybe slowly, like boiling a frog, but it will be raised) and that the age to get your social security max will also be raised.
You can take off the “at 60,” because it isn’t happening, period.
>So considering this data. I feel like the goal of any society should be to reduce the retirement age.
I agree. But in this capitalistic society with our capitalist overlords? That ain’t happening.
That’s why I gave up and decided to retire now 🤷🏿♀️
I’m in my 40’s and I’ve known for practically my whole life that I won’t be able to retire. Born into poverty, didn’t have good education opportunities, started the work force in jobs that didn’t have retirement benefits, and I don’t plan on having SS available when I’m old. It’s bleak but I’ve been planning for this.