Will Our Generation Ever Be Able to Retire?

I was thinking the other day (always dangerous!).

Our parents generation had for the most part pensions and social security.

Our generation -- unless you're a public employee or one of the dwindling number of unionized workers -- for all intents and purposes, has no pension.

If you were to look at everyone over 50 years old and cut out the top 5% in terms of net worth, I bet you (and this is strictly a guess) that the average liquid savings is less than $100K.

Social Security, as we all learned in Econ 101, is not in actuality a trust, but a transfer payment. Our generation funded the social security payments of our parent's generation. But the problem is, there were more of us than them. The situation reverses itself with the next generation.

So....

No pensions. Not a lot of savings. Dubious prospects for Social Security.

Yikes!!!!

Socialism here we come.