are these people just going to work until they die?
50% have a net worth less than 150k.
to top it off if they do retire, the average social security check is like 12k to 16k per year.
govt already spend a trillion into social security. and this is expected to get a lot worse and will break even in 2020. and run an annual deficit of 300b by 2034.
will this be the future of millenials? and gen xers?
Pretty much. At least they got to roll in negative equity every 3 years for the brand new car, or get that granite top kitchen remodeling done with a home equity loan, or buying the Margaritaville on a payment plan @20% interest. Or having too many kids (cuz you know god said be prosperous and multiply or w/e) and have nothing left over for savings after paying all the bills.
In Canada, we have Old Age Security (OAS), which is paid to those over age 65 funded out of general government revenues. It’s an income tested benefit, where if your net income is above ~ $77k, the government will claw back 15 cents for each dollar and full claw back is around $123k.
Perhaps the U.S. should consider this as well in order to help address their social security funding problem. Wait, the Democrats would never go for it.
or we can ship them to canada. you guys seem have it figured out.