Social Security is a compact between the generations that has worked for almost 85 years and will continue to provide Americans with baseline financial security in the future.
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Social Security is as much a millennials’ program as anyone else’s. Current trends indicate that millennials will rely on Social Security retirement benefits significantly more than their parents’ or grandparents’ generations.
Discussions of Social Security often pit younger workers against older retirees, but Social Security is actually an intergenerational compact that helps Americans of all ages — which explains its enduring popularity among all generations. There are 73 million millennials (now aged 23 to 38), most of whom are working, and they already benefit from Social Security in many ways and will continue to do so as they age.
Related Reading:
We Must Fight to Preserve Social Security for Millennials.
Don’t listen to so-called “entitlement reformers” who try to divide the generations by telling you it’s unfair that millennials “support” today’s retirees through Social Security payroll contributions. This ignores the fact that the program has always been a compact between the generations — and has provided Americans with basic income in retirement for more than 80 years. Social Security is the bedrock of the U.S.’s working and middle classes. We can’t allow conservative ideologues to erode it.
If you’re a millennial, you may have been led to believe that you have a better chance of seeing a UFO or Bigfoot than receiving a Social Security check. In a recent survey, some 80 percent of millennials are concerned that they won’t be able to receive any Social Security benefits upon retirement.
With the steady drumbeat of dystopian disinformation flowing from Social Security’s opponents and many in the media, who could blame them? No wonder the young adults I talk to at town hall meetings across the country tell me the same thing: “Social Security will not be there for me when I need it.” Let me assure the U.S.’s young people that Social Security will be there for you in the future, if you fight for it now.
Don’t listen to so-called “entitlement reformers” who try to divide the generations by telling you it’s unfair that millennials “support” today’s retirees through Social Security payroll contributions. This ignores the fact that the program has always been a compact between the generations — and has provided Americans with basic income in retirement for more than 80 years. Social Security is the bedrock of the U.S.’s working and middle classes. We can’t allow conservative ideologues to erode it.
Read more from our new op-ed by clicking here.
If the point of those who regularly repeat these stylized facts is to scare people, they have certainly succeeded. A recent survey from the Transamerica Center for Retirement Studies found that 80% of millennials agree with the statement: I am concerned that when I am ready to retire, Social Security will not be there for me.‘
via Should we be worried about Social Security going bankrupt?
Related op-ed and video:
We Must Fight to Preserve Social Security for Millennials.
If the point of those who regularly repeat these stylized facts is to scare people, they have certainly succeeded. A recent survey from the Transamerica Center for Retirement Studies found that 80% of millennials agree with the statement: “I am concerned that when I am ready to retire, Social Security will not be there for me.”…
…In the meantime, it’s simply not accurate to say there is a Social Security crisis, in the sense of “a sudden change” or a “turning point,” to quote the standard dictionary definitions of crisis. There is nothing about Social Security’s finances today that hasn’t been known for decades.
In fact, Andy Landis, author of “Social Security: The Inside Story” and a former Social Security Administration representative, tells me that in 1983, after the last time Congress made changes to Social Security’s funding mechanisms, its actuaries projected that the system would be able to meet all obligations until the mid-2030s. So it’s hardly a surprise to “discover” today what has been known for four decades. There’s no more of a Social Security funding “crisis” now than at any point since the mid-1980s.
via Market Watch.
Related Reading:
We Must Fight to Preserve Social Security for Millennials.
With the steady drumbeat of dystopian disinformation flowing from Social Security’s opponents and many in the media, who could blame them? No wonder the young adults I talk to at town hall meetings across the country tell me the same thing: “Social Security will not be there for me when I need it.” Let me assure the U.S.’s young people that Social Security will be there for you in the future, if you fight for it now.
Retirement benefits are the biggest component of Social Security. But the program also is very important for disabled people of all ages, as well as surviving children and spouses of deceased beneficiaries. And perhaps most important, today’s young people will need Social Security every bit as much as today’s retirees and near-retirees - and probably more so if current economic trends persist.
Yet many young people have been conditioned to think they should not count on Social Security to be there when their time to retire rolls around. That is not surprising, considering the negative, often false propaganda uttered by politicians hostile to Social Security and the financial services industry, and misleading media coverage.
via Reuters.
Related Video:
Our CEO and President, Max Richtman recently spoke on this issue at a hearing:
Few issues unite millennials like the future of Social Security. Overwhelmingly, they’re convinced it doesn’t have one.
A recent Transamerica survey found that 80 percent of millennials, defined in the survey as people born between 1979 and 2000, worry that Social Security won’t be around when they need it. That’s not surprising — for years, they’ve heard that Social Security is about to “run out of money.”
The language doesn’t match the reality. Social Security benefits come from two sources: taxes collected from current workers’ paychecks and a trust fund of specially issued U.S. Treasury securities. This trust fund is scheduled to be depleted in 2034, but the system will still collect hundreds of billions in payroll taxes and send out hundreds of billions in benefit checks. If Congress doesn’t intervene, the system can still pay 77 percent of projected benefits.
via Fox Business.
Related Reading:
We Must Fight to Preserve Social Security for Millennials.
Don’t listen to so-called “entitlement reformers” who try to divide the generations by telling you it’s unfair that millennials “support” today’s retirees through Social Security payroll contributions. This ignores the fact that the program has always been a compact between the generations — and has provided Americans with basic income in retirement for more than 80 years. Social Security is the bedrock of the U.S.’s working and middle classes. We can’t allow conservative ideologues to erode it.
via twitter.
Related Reading:
We Must Fight to Preserve Social Security for Millennials.
With the steady drumbeat of dystopian disinformation flowing from Social Security’s opponents and many in the media, who could blame them? No wonder the young adults I talk to at town hall meetings across the country tell me the same thing: “Social Security will not be there for me when I need it.” Let me assure the U.S.’s young people that Social Security will be there for you in the future, if you fight for it now.
United Income, a financial planning advisory service, just released an important study called, “The Retirement Solution Hiding In Plain Sight.” Using government data and proprietary software, it calculates how much money retirees have lost, and are losing, by making mistakes about when to start claiming Social Security benefits. United Income’s answer: a whopping $3.4 trillion or $111,000 per household!
That’s enough to move half of the oldest Americans now in poverty out of that terrible state. Put another way, according to United Income, the average Social Security recipient would get 9% more income in retirement by making the “financially optimal” decision about when to claim benefits.
Increasing Your Social Security Benefit By 177%
According to United Income, someone who’d get a $725 monthly Social Security benefit by starting to claim at 62 (the earliest age) would see a benefit increase to $1,280 by delaying to age 70 — an increase of 177%.
via Next Avenue.
Related Reading:
We speak on this issue in our new education initiative, Delay & Gain.
Our goal is to help near-retirees make informed, financially sound choices through an understanding of the increased Social Security benefits gained by a delay in filing their claim.
Senator Romney’s legislation has no provisions to ensure that future #seniors’ earned benefits are adequate for the expenses they will face. #TRUSTact @RepJohnLarson https://www.ncpssm.org/entitledtoknow/romneys-trust-act-is-back-again/