>> the house back at noon eastern time. live here on c-span. on the agenda today, a proposal to grant legal status and a path to citizenship for undocumented migrants who came to the u.s. as children. and marking the 30th anniversary of the tiananmen square protest. we'll take you to the house live in about 10 minutes. this afternoon, a look at the u.s. government's response to white supremacy. live at 2:00 eastern on c-span3. you can also watch live online at c span.org or listen live on the free c-span radio app. washi" continues. host: this is joshua gotbaum. he should -- he serves as an economical studies scholar. he is here to talk about the

issues facing millenials when it comes to retirement. why this group over others? guest: the truth is, mostly because everyone worries about retirement, but we have been , some of us think over focusing, on the baby boomers on the verge of retirement and focusing on their worries and whether they are prepared, and not paying attention to the fact that everyone else also is nervous. everyone else is nervous that when they retire social security will not be there. everyone else is nervous that they will not have enough money saved. what is happening is it is a good thing that we are beginning to realize that there are about to be more millenials than baby boomers, and we are not talking to them or thinking about them. that is the reason for paying attention. in thehere is a line report that i want to read you saying "millenials will have

several advantages such as more education and longer working lives, and more flexible worker rain bins -- work arrangements." let us start with the disadvantages. what are they? guest: the millennial generation educated, but their education costs more. they have greater student loans. and, that is a separate challenge. turns out that when you enter the labor force at a time when the economy is lower, it affects -- u.s. eventually -- you eventually start lower and it takes a long time to catch up. although it is true that millenials are better educated, morethey have access to forms of savings and et cetera, they also have, on average, a

less encouraging income path. and inve more debts, addition, although we do not think of this as an issue only for millenials, the challenges of social security and paying for social security will affect them much more than to baby boomers. together, and what that says is millenials have to do things differently. that is true for everyone. it is true for millenials, gen xers. the fact is the world has been changing, and we need to catch up. , bute are living longer health-care costs more. that means that, if you live longer, you have to think about working longer, you have to think about saving more, in thetion, it looks like

stock market returns in the future are very likely not as great as the ones from the past. and so, that means that the dollars you set aside today are actually -- you cannot count on them as earning as much as the dollars that their parents or their employers set aside. the last change that really matters is that we have moved from a society in which the dominant form of retirement was a pension, in which you and i did not worry about our retirement, the employer did. the employer had to make sure that there was enough money set aside and that you had a paycheck for life. now we are in a world in which most of us, although there are still 70 million people who have have ton, most of us decide how much to set aside, most of us how to decide how to invest money and aside when we

when we- and decide retire will we buy a paycheck for life, or are we going to run the risk of playing the market? us,: are guest to talk to retirement security in millenials. this is the age of 3 -- the age range of 22 to 20 -- 23 to 30 at 202-748-8000. the rest of you, 202-748-8001. mind -- what is the what is the mindset for millenials? do not wantpeople to deal with it. that is the biggest problem of all. the biggest problem is i am uncomfortable, i am not sure i have ao, and so, if savings plan at work i may or

may not sign up. i probably will not think carefully about how much i set aside. i probably will not think very carefully about how that money is invested. we needof this is that to do more things as individuals. there is lots we can do as a nation, but as individuals you need to do four things. one, it is to actually set things aside. if your employer offers a retirement plan, going it. if they do not match for a year, join it immediately anyway. step one is set aside something automatically. do not count on remembering to write a check, have something deducted from every paycheck. .2, and this gets to the piece -- number two, and this gets to

the piece i did, if you are in the millennial range, set aside at least 10%. if your employer contributes 5%, you contribute 5%. if your employer contributes 3%, you contribute 7% at least. if your employer contributes nothing, set aside at least 10%. it does not mean you cannot have emergencies, but set aside 10%. ,hird, unless you are an expert and most of us are not, do not gamble by spending your retirement money trying to pick stocks. it, of us are not good at and retirement programs that enable you to pick stocks are also more expensive. in the end, most of us who try and play the market in retirement end up less well-off than people who leave it to the professionals. get tot one is when you

retirement. this is the hardest one. use at least some of your money to buy a paycheck for life. do not just move it into an individual retirement account and hope that you will -- that your money will last. host: are you talking an annuity? guest: some kind of annuity, some kind of lifetime chain -- paycheck. bought a paycheck for life, and annuity that begins if i get to 85. 65, it not start at starts if i get to 85. the only reason for that is to be sure that i do not run out of money when i cannot work. that is the hardest one for -- that is the hardest one to do. for millenials right now, steps one through three are the ones that matter. set something aside, make sure it is at least 10%, and do not

try and play the market unless you are an expert. host: you set it at the beginning, and there is a story in "the new york times" that there are millenials with college debt. they are saying i have to pay all these things first, how can i do that and at the same time put something aside for the future? guest: two things are the case. one is nobody pretends that millenials have it easy. waitint is that if you until you are 35, or 45, or 55, then go, oh yeah i need to say something for retirement, you will guaranteedly not have enough. the real trick and hard part is to set aside something, even while you are paying down your student loans, automatically.

ideally, 10%. 10%, doannot afford less, but do something every paycheck and do it now. there is a whole separate other debate, which is beginning to percolate up about what we do about student loans. it is clear that student loans are a problem that this generation has that previous generations did not have. education got more expensive. students were allowed to borrow more money. unfortunately,e, the congress and its sometimes less than infinite wisdom said that although major corporations can restructure their debts through bankruptcy process, student loans are special. >> "washington journal" segments online at c span org. the house is about to gavel in. on the aa genda today a proposal to grant legal status and a path to citizenship for undo