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Attention, Millennials: Don’t Give Up on Social Security!
The popular media hasn’t been kind to Social Security in the recent past, using words like “bankrupt” and phrases like “the money has been stolen” to suggest where the program is headed in less than a decade. It’s unfortunate that so many of the pundits and naysayers mischaracterize the program’s finances and, in so doing, create a misunderstanding that impacts long-term retirement financial planning for those in the middle of their working careers. As a result, it’s increasingly important for those in the Generation Y cohort (and, actually, in all age groups) to have a clear picture of what’s ahead.
A post by The Motley Fool’s Robin Hartill, CFP appearing on usatoday.com, sheds some light on the issue in an attempt to remove some of the pessimism frequently expressed by workers thinking about their long-term prospects for a comfortable retirement. In her post, Ms. Hartell outlines the reality of Social Security’s financial plight, and offers thoughts on what portion of one’s future retirement financial needs are likely to be met by Social Security as well as steps that can be taken to improve the benefit available from the program. She concludes with an optimistic view of what could happen to address the situation before insolvency is reached.
Read her post here.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.