The word pension is a word that my generation will not be experiencing for the most part. As opposed to the older generations, people of my age mostly will not be receiving a guaranteed income when they retire. This is due to budget constrictions and other reasons, yet we aren’t seeing the effects of this lack of guaranteed income quite yet. Related to this, the social security system is in shambles, and it is debatable as to how long the system will be around financially. One thing that I am interested in is how pronounced this lack of guaranteed income will affect my generation. I believe that it will be another crisis when my generation hits retirement age. This recession has many people living paycheck to paycheck, with a lot of Americans not putting away any money for retirement. In the past, many people could rely on pensions and social security to supplement their retirement income, or in some cases to act as their full retirement income. With these hard economic times however, people are not saving for retirement, and I think it is probable that a lot of people will be relying wholly on social security as their retirement income. This will result in a disaster because the social security fund is only meant to supplement retirement, and also because politicians are struggling to agree on what to do to keep the system afloat. Therefore, I wonder what, if anything, will be done to prevent this problem, and also if this situation will be as much of a problem as I am predicting.
Relating this to class warfare, it is debatable about whether pensions are a waste or a plus in today’s society. Some may believe that they encourage people to not take charge of their own retirement, while other people believe pensions should be budgeted to reward people for having tenure at a certain company or organization.
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