Millennials: the Social Security sucker generation

From the Washington Times:

Their golden years aren’t looking so golden.

A mere 6 percent of the so-called millennial generation think they will receive the same level of Social Security benefits as current retirees, according to a study recently released by the Pew Research Center...

This generation, which entered the job market just as the economy dropped into the Great Recession, could well be the unluckiest.

The already degraded outlook for millennials is made even worse by laws that shift wealth from younger to older generations, as well as the continued failure from Washington to enact the reforms necessary to keep the largest retirement safety-net programs, such as Social Security, solvent for the long term.

The millennial generation is currently between the ages of 18 and 33. According to the Pew study, they are heavily burdened by student debt and have higher levels of unemployment and poverty than the generations that preceded them.

Their income and wealth levels are also lower than was the case for the earlier generations at comparable times.

This lack of economic stability drives the lower marriage rates for millennials — 26 percent compared with 36 percent for Generation X and 48 percent for the baby boomers — at the same point in their lives.

Their coming of age at the start of the Great Recession might haunt many millennials for decades.

Failure to secure a job or ending up underemployed can have long-lasting impact on both income and wealth. It can take decades to make up for lost earnings....
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Link: http://www.washingtontimes.com/news/2014/mar/28/ghei-the-sucker-generation/