Millennials Face Social Security Challenges: Solutions and Strategies for Retirement
TL;DR Summary
A report indicates that millennials will bear the brunt of fixing Social Security, facing potential tax hikes or benefit cuts as the program's trust fund reserves are projected to be depleted by 2035. Delays in addressing the shortfall mean that boomers and Gen Xers will likely avoid these financial burdens, leaving millennials and subsequent generations to cover the costs. Millennials, already behind in retirement savings due to student debt, are increasingly concerned about the future of Social Security.
- Millennials likely to feel biggest burden of fixing Social Security, report finds Yahoo Finance
- Here's How Much Your Social Security Benefit Might Plunge in 11 Years, and 1 Way to Supplement Your Retirement Instead The Motley Fool
- Is Fixing Social Security and Medicare as Dire as It Seems? Morningstar
- Social Security's 'biggest myth' leads people to claim early, expert says. Even a slight delay can boost retirement income CNBC
- 5 Ways to Navigate Retirement Without Relying on Social Security Business Insider
Reading Insights
Total Reads
0
Unique Readers
2
Time Saved
4 min
vs 5 min read
Condensed
91%
889 → 78 words
Want the full story? Read the original article
Read on Yahoo Finance