Retirement for the Younger Generation
Millennials are becoming increasingly concerned with the state of Social Security in how it will affect their retirement years. Many believe that they will not be able to retire because of the problems in the systems solvency. Many experts say that the Trust Fund that pays out benefits will dry up by 2035. The consequences should this happen is a sharp cut in payable benefits to those collecting Social Security. This would lead to an increase of more than 40% in poverty rates among those 62 and older, mostly among the lower earners that rely on Social Security as a primary source of income in their retirement. For more information visit this article by Ben Ritz with The Bipartisan Policy Center.