1y ago

More than one-third of millennials believe they won’t get a dime of Social Security when they retire, so they’re taking matters into their own hands

Of all generational cohorts, older millennials are most likely to generate enough income to retire comfortably, according to the latest Vanguard Retirement Readiness report.

Specifically, millennials aged 37-41 have the greatest chance of landing a comfortable retirement.

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Millennials fretting about their financial future can take comfort in knowing they are on track to retire in a better financial position than they probably think.
A lot of things were supposed to be better than we thought in the beginning
- A lot of things are much better. It is easy to focus on the negative without realizing how bad the past really was, or for that matter how hard things were for those in the past. sure some things are worse today - work on fixing them - bit overall things are still very good.
  
  Women's rights have been walked back, causing child rape victims to struggle to find abortions, to say nothing of women being forced to carry fetuses who will die upon birth. Trans rights are being shit on, to the point that gender affirming care is being denied to people even where it's legal. Taxes for the wealthy are too low. The middle class is rare to be in. Health insurance is insanely expensive and it's difficult to see a doctor even when you have it- emergency rooms will leave you waiting for 6 hours or more. We simultaneously have too many people, and too few children with a looming crisis of too many elderly. We have microplastics in the air, oceans, food, fetuses, everywhere. Housing is largely unaffordable across the globe. Homelessness is out of control. Massive, destructive wildfires are the new norm. Heatwaves are killing people. Migrants are clamouring to find new countries to live in (which will get worse due to climate change) causing all kinds of social frictions. The youth are anxious, depressed, and suicidal.
  But please, tell me how things are good for people over all?
  
  If I were to go back in time the the 80s, 70, 60, etc. They would have a similar list of problems that seem insurmountable, but we keep going on and things have gotten better over time.
  In 1990, 1.9 billion people lived in extreme poverty, representing 36% of the world’s population. By 2019, this number had fallen to 9.2% — about 703 million people.
  https://www.worldvision.org/sponsorship-news-stories/global-poverty-facts
  Over the past generation, extreme poverty declined hugely, and there are more than a billion fewer people living below the International Poverty Line of $2.15 per day today than in 1990. On average, the number declined by 47 million every year, or 130,000 people each day.n
  https://ourworldindata.org/poverty
  Women's access to education has improved significantly in many parts of the world. According to the National Intelligence Council’s Strategic Futures Group, there have been decades of improvements in women’s formal education
  https://www.dni.gov/index.php/gt2040-home/gt2040-deeper-looks/future-of-womens-rights
  Women's financial liberation has improved in the United States. Women now have access to credit cards in their own name and can get bank loans without a male co-signer
  https://wbl.worldbank.org/content/dam/sites/wbl/documents/2023/Chapter%201%20The%20State%20of%20Women%E2%80%99s%20Legal%20Rights.pdf
  The ACA has improved healthcare in various ways, including providing health insurance coverage to 20 million more Americans, protecting people with preexisting conditions from discrimination, and expanding Medicaid
  https://www.americanprogress.org/article/10-ways-aca-improved-health-care-past-decade/
  For every step back that we hyper focus on, there are two step forwards that we don't even think about. All our problems have solutions, just don't give into negative thoughts.
  
  They would have a similar list of problems that seem insurmountable
  I'd love to hear how climate change 'seems' insurmountable. We aren't even stopping ourselves making it worse, let alone actively looking to work towards fixing it.
  
  Climate change will be tough. Even if we stop using fossil fuels, it will take decades for the environment to recover.
  But wind, solar, and hydropower are all examples of renewable energy sources that are becoming viable these last few years.
  Lots of countries are working to implement solutions, they still have their problems and no one is really doing enough, but these steps show us we are capable of implementing more drastic and effective changes when even conservatives can't hide their head in the sand any longer:
  China: China has implemented a number of policies to reduce greenhouse gas emissions, including a carbon trading system, renewable energy targets, and energy efficiency standards[1].
  European Union: The European Union has set ambitious targets for reducing greenhouse gas emissions, including a goal of net-zero emissions by 2050. The EU has also implemented a carbon trading system and invested heavily in renewable energy[2].
  Denmark: Denmark has developed a “Global Action Climate Strategy: A Green and Sustainable World” to slash emissions and set a framework for limiting global warming below 1.5C as set by the 2015 Paris Agreement. The Danish government’s agreement outlines five goals, including increasing global climate ambition, strengthening focus on climate adaptation and sustainable development, and shifting financial flows and investments from black to green[3].
  Brazil: Brazil has implemented policies to reduce deforestation, which is a major contributor to greenhouse gas emissions. Brazil has also invested in renewable energy and has set targets for reducing greenhouse gas emissions[6].
  India: India has implemented policies to increase the use of renewable energy, including solar and wind power. India has also set targets for reducing greenhouse gas emissions and has implemented energy efficiency standards[1].
  Citations: [1] A review of successful climate change mitigation policies in major emitting economies and the potential of global replication - ScienceDirect https://www.sciencedirect.com/science/article/pii/S1364032120308868 [2] What are the world's countries doing about climate change? - Imperial College London https://www.imperial.ac.uk/grantham/publications/climate-change-faqs/what-are-the-worlds-countries-doing-about-climate-change/ [3] 3 Leading Countries in Climate Policy | Earth.Org https://earth.org/countries-climate-policy/ [4] Global Climate Agreements: Successes and Failures - Council on Foreign Relations https://www.cfr.org/backgrounder/paris-global-climate-change-agreements [5] A Framework for Comparing Climate Mitigation Policies Across Countries https://www.imf.org/en/Publications/WP/Issues/2022/12/16/A-Framework-for-Comparing-Climate-Mitigation-Policies-Across-Countries-527049 [6] Climate Change Mitigation in Developing Countries: Brazil, China, India, Mexico, South Africa, and Turkey - C2ES https://www.c2es.org/document/climate-change-mitigation-in-developing-countries-brazil-china-india-mexico-south-africa-and-turkey/
  
  We just had the hottest month in recorded global history, record low Antarctic sea ice (heading into southern hemisphere summer), and drought + heatwaves in the Amazon that are causing mass rivier dieoffs and forest loss.
  Plus, Amazon deforestation is decreasing in Brazil but increasing in all neighbors - forest area is still decreasing fast.
  Let me know if you actually want citations, these are all recent and commonly discussed.
  
  Thwaites pinning point 5 just let loose.
  
  European Union: The European Union has set ambitious targets for reducing greenhouse gas emissions, including a goal of net-zero emissions by 2050.
  Look I'm not saying we all lay down and die, but look at what you wrote here. A goal of net-zero by 2050. That's twenty seven years away. We're ultra-fucked long before then.
  These were policies we needed to do 30, 40 years ago. Hell, we're still subsidizing oil and gas, planet-wide.
  it will take decades for the environment to recover.
  I think you're seriously, seriously out of touch with how bad things are. 'Decades' isn't even close. When temperatures rose 5-8c, which yes is higher than we're at (so far) it took 20-50 thousand years to recover.
  It's enough to make you want to blow up a pipeline.
  
  I understand, I know it's not enough but it shows we are starting to do stuff. Governments are a big slow machine.
  
  We're already at 1.5C and we've emitted enough GHGs to get us to 6-8C from feedback loops. Our only hope is they put sulphur back in the fuel to give us a few more decades of survivability.
  
  Put down the hopium pipe dawg, you're posting cringe.
  
  I'm always skeptical of poverty statistics because I believe the metric to meet poverty is wrong. For instance the bureau of statistics puts the poverty line at just under 15k annually. Please tell me how a person making 20k a year affords housing, food, and other basic necessities without government assistance.
  
  15k in North America is different than 15k in the Philippines or Botswana
  
  You're correct but the bureau of statistics is American so that's really where I'm talking about. However this data point doesn't give a lot of faith that the statistic for other countries is accurate either.
  
  We have 4k porn. That is pretty much it.
  
  Here's a list of bad things
  Yeah but they're not AS BAD as they used to be
  
  No they aren't. Stop shilling. Any response that isn't "student loan debt has been taken away, all housing prices are at the level of the early 1980s, the ceo-to-worker compensation level is the same as 1953, we have Medicaid for all, and the government is out of debt" will be discarded.
  
  Like what specifically? Are you factoring in what things might look like in the coming decades? Or what things already look like for a majority of Americans?
  I don’t care if I can get a 4k tv for $300 if I have no emergency fund, no retirement savings and can’t cope with a medical emergency (even with insurance).
  
  Savings is about sacrifice for today. I personally know some who are making half a million/year who are living paycheck to paycheck, while I know others making poverty income who have growing savings. It is much easier to have a "nice" life when you have more income, but living below your means is a choice that everyone could make.
  somehow you have access to post your reply. Give up your internet and that would free up some money. I have no idea what else you do in life, but I'm sure there is a lot more.
  
  I know I gave up avocado toast and am now a homeowner.
  
  The toast guy is now saying that we need mass layoffs to teach us toast eaters a lesson about not asking for better wages.
  
  Trying to understand your point here. Because I have access to an internet-connected device means that’s the reason me and others like me aren’t saving enough?
  Or maybe you meant if I have this device and I’m able to save then things aren’t as bad as they seem?
  
  There is a consequence to your choice to have internet. There is less money for other savings. Worth it is not a choice I can make for you.
  
  Internet access is as basic a utility as electricity and water these days. It is nigh impossible to function in society without access to the internet and pretending otherwise is just oblivious to the point of petulance.
  
  12 upvotes, 42 downvotes
  This is your punishment for trying to be positive on the internet ;-D

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