If there is no money in Social Security funds, there can be no money for retirement benefits.

It’s these kinds of seriously misleading articles that cause confusion and stress for Americans- and there is no reason for it other than to attract attention to a publication.

There will always be enough to pay pensions. If the trust fund runs out, incoming taxes and other revenue will pay the vast majority of benefits under the worst case scenario. Social Security does not run completely dry.

With all the issues Social Security faces even our incompetent Congress will not risk the programs solvency … although as things stand they will wait until the last minute to make what should have been easy fixes over many years.

The main reason for this statement is that there will not be enough money in a few years to pay pensions. According to the trust fund, by 2035 there will not be enough money, so they will only be able to pay 80% of the benefits. This means that over the course of their time as a pensioner, millennials could lose more than $500,000 on average. Specifically, about $675,000 each.

Why won’t millennials have Social Security?

The answer is simpler than it sounds. If there is no money in Social Security funds, there can be no money for retirement benefits. With this information it is easier to understand the whole situation. For that very reason, around the year 2035, much of the sources will dry up, so it is possible that many millennials will lose a fortune during their retirement years

One of the big reasons funds are expected to run out is because of inflation. Because of the increase in prices, the COLA has to adjust again, so current retirees get paid more, but that causes the money jar to run out sooner. And without too much income due to lack of jobs and people to contribute to you, Social Security runs completely dry.

Source: Social Security: Millennials could lose more than $500k of their benefits