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Should the Young Care About Social Security? YES!

“I assume it won’t be around by the time I’m retired. Why should I think about it?” That’s what a friend of Charlotte Cowles of The New York Times, author of this piece, said to her. It’s a fairly common refrain among Millenials and Gen Z types. But as Cowles notes, if you work, you pay into the system. Further, the program is not gloing bankrupt but rather just needs some minor changes to remain solvent. Cowles throughly explains the program from its inception under FDR in 1935 to today.

Martha Shedden, co-founder and president of the National Association of Registered Social Security Analysts, which trains financial professionals how to maximize Social Security benefits for their clients is quoted with, “We need people to understand the program, so that they can vote on measures that will affect it. Legislators could make small tweaks that would enable the program to continue mostly just as it operates now.”

Of course Americans should also understand Social Security for their own retirement purposes. Even though almost no one would argue it should be the sole income stream in retirement, Kathy Indiano, an accountant who specializes in Social Security stated, “But it should still factor into your plan.” Full piece here.

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