A Generation-by-Generation Analysis of Beneficiaries’ Expectations - finance.yahoo.com
The drums are beating loudly these days on the issue of Social Security’s long-term financial future, with a steady stream of pundits weighing in on what’s likely to happen. But aside from the constant flow of articles posing suggestions for the program’s reform, as well as those hand-wringing pieces describing the result of continued legislative inaction, there have been a number of posts suggesting how the future Social Security landscape will affect various population cohorts.
A post on Yahoo Finance by freelance writer John Csiszar takes a look at what future Social Security beneficiaries (and in some cases, current beneficiaries) are likely to encounter in the years ahead. Beginning with the Baby Boomers–those either enrolled in Social Security or nearing eligibility–and continuing through those categorized as Generation X, Millenials, and Generation Z, Csiszar assesses the degree of uncertainty each cohort has before them as reform measures are pondered in Congress. For the two categories last in line–Millenials and Generation Z, he reports on the likelihood they’ll focus on self-financing for retirement, given the uncertainties of what will happen with Social Security.
One of the key takeaways from Csiszar’s post (which you can access here) is the uncertainty of how much “security” will be available for future enrollees–especially those more than a decade away–when they attain Social Security eligibility. As we’ve indicated frequently via posts on this site, there is growing urgency for Congress to address Social Security’s solvency program sooner than later. The reason for this urgency, in addition to helping younger workers prepare for their retirement finances, is that the reform measures need to be enacted as early as possible so that the impact can be minimized to the greatest extent possible. The solvency issue is not a self-correcting problem…it will take substantial political courage to resolve.