How millennials are planning for retirement

CBS MoneyWatch associate editor Aimee Picchi joins Errol Barnett and Lana Zak to discuss millennials' financial plans for retirement and how they differ from those of an older generation.

#finance #retirement #money

[MaryOlson]

I watch several YouTube videos on how to trade in the stock market but haven't made any head start because they are either talking some gibberish or sharing their story of how they made it and I do not want to make mistakes by taking risks in my own hands

[tahirisaid]

I’m glad I pulled through, despite the crises. I am retiring next yr at 55 with 3 houses paid off worth 4.5 million. One is my place of residence the other 2 properties will give me $80, 000per/yr rent . I will have an income stream of $20, 000 per mnth through my super which gives me total $240, 000 a yr to live comfortably. I have no debts _.._ Stay Motivated!!

[HeyMJ.]

99% of Gen X don’t incl SSI in retirement revenue planning; treating SSI as a ‘windfall’ or ‘bonus’ rather than a reliable source of income.

[redcomet]

They’re not. We can’t even afford a house

[davidfromamerica]

If you think things are expensive now. Wait when there are 10 billion people on this rock fighting to survive.

[moodybassist]

We're not bc we're not able to, we're too busy struggling to survive. Unless we were born into the privileged class, retirement is a pipe dream.

[HealthyMBS]

In the 80's they were telling us Social Security would run out by 2000

[watwudscoobydoo]

We will die on the job if we are lucky.

[MrWaterbugdesign]

IMO the survey is misleading. I'm a Boomer and I heard my entire life SS wouldn't be there. Boomers would of course be factoring SS into retirement because they're already getting SS or very close. No clue why only 90% factor in SS. Maybe 10% are wealthy enough that SS is peanuts.

I retired at 45 and assumed I'd get little or no SS for retiring early. Shocked to get $3600 at 70. Now I realize as long as the US remains a wealthy country SS will be there. No way politicians won't fund it. Refusing would end their career.

[tylerbhumphries]

I’m 27 (28 in June) and I still live at home with my mom. I’m too busy trying to afford the right now to pay towards retirement. My mom pays for rent and I pay for everything else so I’m no mooch. I have a full time job but I’m also growing a small business and my mom helps with that sometimes. Another things my parents did that’s helping me is they gave me their house. It’s the same house my father’s parents gave to them. This house has fallen into disrepair and will cost around $125, 000 to get it to where I want it to be but that’s just a drop in pool compared to how much a house that size would cost if I had to buy it. In return, once the house is finished my mom will have a place to live that’s tailored to her needs as she ages (I’m doing a small addition on the first floor for her). She’ll probably end up living with me since my father has passed away.

[bradleyvanzile]

I am 53 and I have been retired 16 years on SSDI

[MASH]

did you forget? There is a Generation X. Did you ask us what we are doing?

[Burnlit]

Don't forget the cost of raising children in the modern age. So I guess that's the mentality, invest into retirement in with a plan or a child. Both risky but with the latter sounding very dependent

[sasapetroski]

Never plan to much because always something can go wrong

[bigtex]

Counting on "Support from their children" 🤣🤣

[joec]

People need to hear this, but it's okay to never retire. Life is much more than retirement.

[dwill]

No it’s because they have pensions and assumed we would have the same

[donnaallgaier-lamberti]

My sons, age 50 and 48 are NT COUNTING on SS. They do not believe it will be there for them.

[joemacy]

I'm 27, and I am still getting help from parents. I live on my own, but I rent from my parents and get a reduced rate. I also get my gas and phone bill paid for by my parents. I am relying partially on disability benefits to survive, but I still work part time for supplemental income. It's hard because I simply just can't afford to survive on my current income especially with skyrocketing inflation. It makes me nervous about what's gonna happen when my parents are gone. The worst part is when people try to act like I'm just bad at budgeting and that it's my fault that I can't survive on my own. Luckily, I will most likely still have decades until my parents pass.

[anne-marieautry]

Gen X forgotten again. Gen X -ers are NOT boomers.