Millennials generation needs to pay attention to Social Security and Medicare.
Some forecasters believe the stock market will not be bullish for the near future and that Millennials should be putting away 25% of their current income to keep retirement funds growing at a healthy rate, according to Wealth Management in “Should Millennials Double Retirement Savings Rates?“.
Many Millennials may point out that due to other economic factors beyond their control, they cannot afford to save 25% of their incomes, or even the traditional 10-15%.
However, the younger Millennials generation should pay attention to Social Security and Medicare, despite the fact that people of all generations tend to pay the most attention to the issues that affect them directly and immediately.
Elderly citizens do not think a lot about the cost of a college education and the availability of entry level jobs. Conversely, younger people do not think a lot about Social Security and Medicare. Each group has more pressing concerns that hold their attention.
People in the younger age group are likely to rely to some extent on Social Security and Medicare when they retire. Since both of those programs face impending financial problems, Millennials need to pay attention to how these programs might change.
Everyone should be paying attention to Social Security and to Medicare.
Reference: Wealth Management (Jan. 11, 2017) “Ken Thompson’s mother says she was cut out of will by late Brooklyn DA’s wife.”