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Here’s Why Millennials Should Care About Pensions

Photo By Akson on Unsplash

There is an underlying optimism surrounding the millennial generation. We are a generation that has not necessarily been dealt the best cards. We have to fight a tight labor market and carry tons of debt, but unemployment is at an all-time low and the economy is in good standing after we faced a recession during our formative years. So why does Jen Sidorova think that this optimism should be reserved? She is a contributor for Young Voice and a Policy Analyst for the Reason Foundation, and she thinks that millennials will be OK if they can start planning for their future.

Millennials Need To Learn About The Pension Crisis

A lot of the data surrounding millennial optimism doesn’t add up. This doesn’t mean that no one will live a good life, but we must be strategic if we want to do so. Sidorova tells Bold TV that everyone will have a job with a low unemployment rate, but will everyone be prepared for retirement? The pension crisis is not something many millennials know about, but it is an important part of their future. Public pensions are guaranteed benefits to government employees, and the government is having issues paying for all of the pensions. This will lead to the government trying to find ways to raise money for these programs, meaning more taxes for millennials and job cuts for public employees.

Pensions

Millennial Optimism Needs To Be Grounded

Millennials are being stuck with the consequences of bad decisions that those have made in the past. Just because our tax money is going to someone else, though, doesn’t mean we can’t take the necessary steps to look out for ourselves in different ways. It is necessary to put money away for your 401(k) and to diversify your portfolio with many investments. You can go after real estate, stocks and several other assets to create money for the future. Since many millennials don’t have a 401(k) due to the increasing popularity of the gig economy, you can also work with independent retirement companies who can come up with an alternative plan for you. There isn’t a cookie-cutter solution, but all optimism is not lost.

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