How do millennials feel about raising the retirement age?
"The idea of being prepared for retirement is certainly scary,"
While younger generations stress over when and how they will retire, the safety net provided to generations before them is slowly dwindling. And it's a central topic for those running for the
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According to a report by the Trustees of the
"This whole nature of 50 years and the gold watch and the pension is not really a thing anymore for most people,"
Rossman said at some point, it is likely the retirement age will be pushed back in a way that is similar to what happened in the 1980s. The retirement age went from 65 to 67 but did not take full effect for decades.
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"At some point, social security is going to run out of money, if not entirely at least not be able to pay full benefits. And that's also a consequence of some societal change, just in terms of birth rates have gone down. At some point there is not going to be enough workers to support the older population," Rossman said.
While the most likely option, millennial workers, like Casey, say keeping Americans in the workforce longer will only hurt those trying to save for retirement.
"When people are working longer, we also get stuck in lower positions as well because people aren't moving through the workforce," she said. "It's happening across many levels and many industries, so it becomes a self-perpetuating cycle."
According to the
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