Millennials reject broken, traditional retirement benefits

Most millennials don’t trust Social Security, according to a spring 2014 survey from Reason-Rupe: The report found that: “Fifty-three percent of millennials say Social Security is ‘unlikely’ to exist when they are 67 years old, while 45 percent say it probably will remain. But if it does exist at that time, even fewer millennials believe...

Most millennials don’t trust Social Security, according to a spring 2014 survey from Reason-Rupe:

The report found that:

“Fifty-three percent of millennials say Social Security is ‘unlikely’ to exist when they are 67 years old, while 45 percent say it probably will remain. But if it does exist at that time, even fewer millennials believe government will provide them with the same level of benefits that today’s seniors receive. Only 34 percent say they are confident that government will provide them with the same level of retirement benefits as it does for today’s retirees. 64 percent say they are not confident.”

It’s unfair to force young people to contribute to a system they don’t trust – and may very well go broke before they benefit from it.

Similarly, Illinois government workers are trapped in an unfair pension program. The government requires workers to pay into a system that contains less than half the money it should to meet its future obligations.

Illinois pensions are the worst funded in the nation, and without real reforms, may be headed toward insolvency.

According to the survey, millennials see more promise in the control of their own retirement accounts. That’s why 73 percent of them support “changing the Social Security program so younger workers can invest their Social Security taxes in private retirement accounts.”

Illinois government workers deserve the same kind of fairness and control. Switching their system to self-managed, 401(k)-style retirement accounts would enable them to control their own finances and ensure they keep what they save.

Millennials have a fresh and objective view on the problems of traditional retirement benefits. Illinois’ government workers and lawmakers should take note.