The Millennials don’t think Social Security will be there for them; that’s the bad news. The good news is that this group appears to be better utilizing their 401k plans; saving more and saving sooner.
Will Social Security survive? Will politicians face the facts and make the changes necessary which may include higher taxes on workers, perhaps an adjustment to the COLA formula, moving the eligibility age and who knows what else?
What is your opinion❓Do you think Social Security will survive intact beyond the next 19 years? Do you think it will be there in any form for younger Americans?
Without legislative changes, Social Security’s trust funds will be depleted by 2033, according to the program’s board of trustees’ annual report. After that, tax income would be able to pay about 75 percent of scheduled benefits through 2088.
“Whether it’ll be around or not, I don’t know,” Gentry said. “It’s just a lot safer to plan on not receiving that once you retire.”
Some 51 percent of millennials don’t think there will be any money left for them in the Social Security system by the time they’re ready to retire, according to a Pew Research Center report published in March. Thirty-nine percent said the program will only be able to provide benefits at reduced levels.
“Millennials are keenly aware that the program is in trouble and that they are getting the short end of the stick,” said Romina Boccia, a senior policy analyst at the Heritage Foundation in Washington that promotes public policies based on principles including a more limited government. Excerpt from Bloomberg.com
To read the entire article, go to http://bloom.bg/1o5IM2q
QUINNSCOMMENTARY 
I’d be curious to know why and when did the millennials become so smart. As a group are they better at math than their preceding generations? The mathematical predictions of social security’s demise have been with us for a long time but apparently millennials are the first group to sit up and take notice. Could it be that people all along have recognized social security as the Ponzi scheme that it is, but millennials are the first ones who also realize that they are going to be the victims when a Ponzi scheme matures?
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I suspect the projected critical date was so far in the future it was not real to anyone. Now 19 years doesn’t seem so far away, but that doesn’t seem to motivate people to save more in their own interest. Americans should read the Trustees recommendations to “fix” it.
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A better question is… will the USA exist in 19 years ?
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