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What Millennials Get Wrong About Social Security | US News

What Millennials Get Wrong About Social Security | US News

Millennials are convinced Social Security will be long gone by their retirement.

For years we have heard that Social Security is running out of money, so it is no surprise that a recent study found that 80% of millennials believe it won’t be available when they need it.  This leads them to either believe they can save up for retirement on their own, ignore their social security accounts altogether, or cash in on it as soon as possible if it is still around.

Instead, Millennials should assume they will get 70-80%, as opposed to 0, and plan accordingly, keep up on their accounts, and work a few extra years to make up for the loss when retirement is close.

 

Source: https://www.usnews.com/news/business/articles/2019-08-19/liz-weston-what-millennials-get-wrong-about-social-security

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