Denzel Rodriguez argues that 401(k)s and Social Security can't sustain a full retirement as lifespans lengthen and costs rise. The 2008 crash cut many balances in half, yet people kept contributing. Millennials are now questioning whether the system works at all.
Guess what? You guys are living really freaking long. And so the cost of living and taxes have been increasing past the stream of income that your 401(k) was providing in combination with your Social Security. And with no pension, you don't have any guaranteed income. So it may work for a period of time for you to live off $5,000 a month, $10,000 a month, whatever it is, but it won't be the case for the rest of your life. And that is the largest financial failed experiment in America today that not a whole lot of people are talking about. And guess what? Then the millennials came along and we started putting two and two together, and we're like, hey, what the heck is going on? That's weird. Oh, 2008, 2007? You, you mean to tell me, Mom, that you had $500,000 in your 401(k) and it went down to $250,000? And you mean to tell me you kept contributing to that? That's interesting.
