Will Social Security be There When You Retire?
(By – Rebekah Barsch, www.northwesternmutual.com)
I read something recently that illustrates one of the challenges facing Americans saving for retirement. A 2014 Pew Research survey found that most Americans, including Millennials, Gen Xers and Baby Boomers, lack confidence that they’ll receive their promised Social Security benefits in their entirety.
Of course, these worries are understandable. According to the 2014 report by the Social Security and Medicare Boards of Trustees, the Social Security trust fund will be depleted by 2033. The reason is largely one of demographics: As the Baby Boomers continue to retire and collect benefits, the number of beneficiaries is growing faster than the number of workers paying into the system. It’s not surprising that many younger workers tell me that they don’t expect to get a nickel from the system their payroll taxes are working to support.
So is Social Security likely to be there for you when it’s time to retire? Read more…