Young people blame climate change
for their small 401(k) balances
Market Watch,
by
Kari Paul
Original Article
Posted By: JoniTx,
5/23/2019 10:27:27 PM
Lori Rodriguez, a 27-year-old communications professional in New York City, is not saving for retirement, and it isn’t necessarily because she can’t afford to — it’s because she doesn’t expect it to matter.Like many people her age, Rodriguez believes climate change will have catastrophic effects on our planet. Some 88% of millennials — a higher percentage than any other age group — accept that climate change is happening, and 69% say it will impact them in their lifetimes. Engulfed in a constant barrage of depressing news stories, many young people are skeptical about saving for an uncertain future.“I want to hope for the best and plan
Reply 1 - Posted by:
zzzghy 5/23/2019 10:39:02 PM (No. 83032)
It's one thing to be dumb; at least 50% of millennials have little choice in that one. Stupidity is something else altogether and they bear plenty of responsibility for that.
5 people like this.
Reply 2 - Posted by:
Northcross 5/23/2019 10:46:36 PM (No. 83036)
Another reason is that these self-absorbed millennials "deserve" to have everything they want and are thus incapable of saving for a rainy day.
3 people like this.
Reply 3 - Posted by:
scottj 5/23/2019 11:10:27 PM (No. 83041)
I climate change is responsible why doesnt everyone have small 401(k)s?
4 people like this.
Reply 4 - Posted by:
Nashville 5/23/2019 11:11:52 PM (No. 83042)
Wow, how clueless can people be.
I thought this was from the Onion!
2 people like this.
Reply 5 - Posted by:
BGray2 5/23/2019 11:23:15 PM (No. 83045)
It isn't climate change that is responsible for their small 401Ks. It is their own gullibility for believing the Chicken Little's predictions of doom and gloom. 40 years from now this is the same group that will be complaining that their SS check is too small to cover their prescription drugs.
3 people like this.
Reply 6 - Posted by:
Highlander 5/23/2019 11:32:46 PM (No. 83047)
All this climate change bugaboo has gotten really tiresome. I wonder what new calamity fad is next after this is finally laid to rest once and for all.
1 person likes this.
Reply 7 - Posted by:
web 5/24/2019 12:03:37 AM (No. 83054)
I don't know what a communications professional is, but she doesn't seem to be aware that there are communications media that are skeptical of so-called Human Cause Climate Change. Too many Americans get their "news" from Fake News outlets in the MSM, and are unaware of or scared away from sites that offer a different perspective and opinion. Both the MSM and local TV and newspapers are busy presenting a Narrative and hiding the facts and the real news from us.
My local news channel, for example, only presents Feel Good stories, and seem to believe they are social workers instead of news reporters. It's a constant barrage of the poor migrants, the problems of the public schools, and cheering of community activists. Real news might offend, horrify or upset us, so they decided years ago to only present Feel Good news.
1 person likes this.
Reply 8 - Posted by:
john56 5/24/2019 12:27:43 AM (No. 83060)
Okay folks. Here's the rules on 401k plans:
1. Don't borrow against them. Don't use them as your emergency fund.
2. Put as much in them as you can, at least to the maximum company match.
3. Guess what? In the early years, the balance isn't going to move very fast.
4. But 30 years or more later, you're going to have months where your 401k increased more than you made that month. And that's a nice feeling.
2 people like this.
Reply 9 - Posted by:
SALady 5/24/2019 1:01:01 AM (No. 83063)
You can't fix stupid.
But you have to assume that they are so stupid that a fairly high percentage of them will undoubtedly become Darwin Award Winners and won't be able to reproduce.
I am so glad that I am old and won't be around when this generation either destroy this country or causes Civil War II to commence!!!
1 person likes this.
Reply 10 - Posted by:
PChristopher 5/24/2019 1:08:47 AM (No. 83068)
Back in the day, I had a stereotypical unwashed, resentful, socialist classmate who blamed 'Society' for the fact that he didn't have a stereo. The more things change.....
1 person likes this.
Reply 11 - Posted by:
Vesicant 5/24/2019 1:14:40 AM (No. 83074)
Millenials are so extra.
0 people like this.
Reply 12 - Posted by:
DVC 5/24/2019 1:50:49 AM (No. 83077)
Almost a whole generation of dummies so dimwitted that they cannot see that they have been lied to their whole
lives. NONE of the ludicrous claims made by the various "MMGW/climate change" gurus/faux scientists have
come to pass, and MANY have expired. This deadline and that, passed blithely without coming even remotely
near the dire, foolish predictions of doom.
Stupid as hell AND gullible is a heck of a way to go through life.
1 person likes this.
Reply 13 - Posted by:
DVC 5/24/2019 1:54:52 AM (No. 83079)
Yes, #8. Just so.
And at my age, my retirement investments make more in a year than both of us earned in our
best earning years. I was fortunate to decide to get a professional money manager at about
age 35, and listened every time he told me what to do. Probably the smartest move I ever
made. Of course, marrying a similarly penny pinching wife was a big help, too. I know more
than a few who wound up divorcing women who had wiped them out financially - BEFORE
the divorce, which made it even worse.
1 person likes this.
Reply 14 - Posted by:
RenoVet68 5/24/2019 2:45:57 AM (No. 83097)
My tax attorneys, (Dewey, Cheatem, & Howe) informed me my 401K has reached a million. But since that's way too much for me I'm wondering if there's a millennial willing to take half?
1 person likes this.
Reply 15 - Posted by:
Strike3 5/24/2019 3:03:19 AM (No. 83102)
It's not just AOC, the whole generation is brain damaged.
1 person likes this.
Millennials are in bigly trouble when mom and dad are no longer around and have spent their entire nest egg so they could live at home until 50! The Reverse Mortages taken out on their homes will turn their homes over to a bank and they will have nothing! It is going to get ugly! Why would anyone not contribute to a plan with a match, which most employee plans have? i am retiring in a year or so and will be fine between 401k and pensions along with social security, which probably won’t be available for a millennial as well...
1 person likes this.
Reply 17 - Posted by:
Trigger2 5/24/2019 4:45:09 AM (No. 83126)
Like I've said multiple times before, these indoctrinated cupcakes are perfect candidates to swallow Jim Jones kool aid.
0 people like this.
Reply 18 - Posted by:
F15 Gork 5/24/2019 7:15:28 AM (No. 83182)
Lori, if you live in NYC the only thing you should be saving for is bus fare out of that overpriced craphole.
1 person likes this.
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