00:00 SS – Run Out Of Money?
00:52 How It’s Funded
02:02 Running Out?
03:39 Increasing Age
04:32 Rework Formula
05:08 Increasing Taxes
05:58 Investment
07:17 Individualization
08:53 Promotion of Literacy

Some of my favorite books:
Camera & equipment I use:

Disclaimer: Please note that this video is made for entertainment purposes only and not to be taken as financial advice. Always make sure to do your own research.

Join the family & subscribe to my channel here:

Thanks for watching, I appreciate you!…(read more)

LEARN MORE ABOUT: Retirement Annuities

REVEALED: How To Invest During Inflation

HOW TO INVEST IN GOLD: Gold IRA Investing

HOW TO INVEST IN SILVER: Silver IRA Investing

A recent survey conducted by CNBC found that a staggering 40% of Millennials believe they won’t receive any Social Security benefits when they retire. This statistic is troubling for both the individuals who hold this belief as well as for policymakers who must address the long-term sustainability of the Social Security program.

Social Security has been a cornerstone of retirement planning for Americans for decades. Established in 1935 as a safety net for seniors, the program provides a source of income for retirees through a combination of taxes paid by current workers and benefits received by current retirees. However, the program is facing significant challenges as the population ages and the ratio of workers to retirees decreases.

One of the main reasons why Millennials are pessimistic about Social Security is the fact that the program is projected to run out of funds by 2035 if no changes are made. This means that benefits could be reduced by as much as 25% for all recipients, including current retirees. With this looming financial crisis, it’s understandable that Millennials are skeptical about the future of Social Security.

Additionally, Millennials are also facing their own financial challenges that make them doubt the reliability of Social Security. With high levels of student loan debt, stagnant wages, and the rising cost of living, many Millennials are struggling to save for retirement. This has led some to believe that they won’t be able to rely on Social Security as a source of income in their later years.

The implications of this belief are significant. If Millennials do not trust in Social Security as a retirement safety net, they may be less inclined to contribute to the program through payroll taxes. This could further weaken the program’s financial stability and put future retirees at risk of receiving reduced benefits or no benefits at all.

Policymakers must address the concerns of Millennials and work towards finding solutions to ensure the long-term viability of Social Security. This may involve raising the payroll tax rate, increasing the retirement age, adjusting benefits for higher-income earners, or exploring other innovative solutions to secure the program’s future.

In the meantime, it’s important for Millennials to take control of their own retirement planning and savings. By investing in retirement accounts, creating a budget, and seeking financial education, Millennials can improve their financial outlook for the future and mitigate the potential impact of Social Security uncertainty.

While the future of Social Security remains uncertain, Millennials should not lose hope in the program entirely. It’s essential for policymakers and individuals alike to work together to secure the future of Social Security and ensure that all Americans can retire with financial security.

40% of Millennials Believe They Will Not Receive Social Security Benefits appeared first on Inflation Protection.