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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.
The Association of Mature American Citizens (AMAC) has developed a bipartisan compromise bill, titled “The Social Security Guarantee Act”. One of its several components is Social Security PLUS, a new yet voluntary early retirement plan that would allow all earners to have more income available at retirement. Learn more about AMAC’s Social Security Guarantee 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.