Social Security will be there for the younger generation
With all of the press coverage about a looming “bankruptcy” of Social Security, it’s no wonder that the younger generation – the so called millennials – don’t believe the program will benefit them when it comes time for them to retire. Millennials are those born between 1979 and 2000 who contribute to Social Security through FICA payroll taxes, and 80% of whom doubt that the program will survive. Well, here’s some really good news for them: There is zero chance that Social Security won’t be there! Even if the Trust Fund, now nearly $3 trillion dollars, is depleted in 2034, payroll taxes received will pay more than 75% of a worker’s benefit amount. But the even better news is that, according to this article by Andrea Coombes appearing in the Minneapolis Star-Tribune, those future beneficiaries will be able to buy up to 30% more with their Social Security dollars. Click here to read more.