Millennials Receive Wake-Up Call on Social Security
Many millennials worry they’ll miss out on the social security benefits retiring Americans have relied on for generations. The Social Security Administration is only obligated to pay “scheduled benefits on a timely basis” through 2034, when millennials are in their late 30s to early 50s.
Social Security isn’t a shared pool of investment money. Instead, people who are working today directly fund monthly Social Security payments to current retirees and disabled citizens. That’s where your paycheck deductions go. Those who are working currently outnumber recipients by less than three to one.
This doesn’t mean you won’t get any social security benefits. Many economists predict a reduction rather than elimination of benefits. Projections call for millennials to receive about three-quarters of what their parents received (adjusted for inflation). For those born in 1981 or later, the bottom line is it’s time to start investing in a retirement account.
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