Millennials take note: Social Security will be there for you, but don’t make it your retirement foundation
Younger workers, so-called millennials and Generation X, are skeptical that Social Security will be there for them when it’s time for them to retire. That’s not surprising, with all the news these days about Social Security “going broke” (it’s not) or “going bankrupt” (it’s not). But in this Forbes article by personal finance contributor Kate Ashford, the author counsels younger workers than their retirement planning should recognize a new reality – that Social Security should be thought of as more of a minor piece of their retirement – sort of a retirement bonus – rather than the foundation of their retirement income stream. In other words, save and invest for retirement on your own, because while Social Security will still be there but it will look different than it is today. To read the Forbes article by Kate Ashford, click here.