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Can Millenials really afford to ignore Social Security?
Millenials’ (those born 1981 to about 2000) views on Social Security have been written about for some time now. Many think the program will be bankrupt by their retirement and are thus discounting benefits altogether. A looming bankruptcy is untrue, though the program is facing insolvency by 2034. Benefits would continue as long as there are workers contributing payroll taxes, though at a reduced rate, absent any congressional reform before 2034. However, reactions to misinformed beliefs range from apathy about saving for retirement to more than one-third of Millennials planning for retirement without relying on receiving any benefits. Maurie Backman writes in this piece that far too many in this age cohort are not doing enough to save for retirement. The good news is that time is on the side of the young, as they have the ability to accumulate wealth and weather downturns in the markets. Full piece here.