The Future of Social Security
Millennials are starting to fear for the future of Social Security. Rightly so, Social Security is estimated to become insolvent in the 2030s, well before they start reaching retirement age. Without changes to the system, Millennials are looking at severely reduced benefits, Social Security tax hikes, or both. The solvency problem boils down to the simple fact that people are living longer lives. This means that people spend more time out of work in retirement collecting Social Security. Compounding this is the problem that there are fewer workers supporting this spending. 50 years ago there were 15 workers for every retiree, today there are only 3 per. This is unsustainable and the projections continue to show it. For more information visit this article by Eric Reed with The Street.