We all know millennials would NEVER pass up a sweet freebie! 🆓 But if they had their hopes set on Social Security to fund their golden years, they're in for a rude awakening. They might have to actually *gasp* work harder or just hope for a miracle! 😝
This past June, authorities reported on the state of Social Security funds and well, it ain't lookin pretty. 🆘💵
Here’s Five Fast Facts on the fate of Social Security:
- 📉 Down We Go - Experts say the main cause of the future Social Security collapse is because there’s far fewer workers now than people who are retired and collecting. Boomers ruin everything, right?
- 🤑 Untrustworthy - It's expected that by 2035, the Old-Age, Survivors, and Disability Insurance (OASDI) Trust Funds will be GONE. That means Millennials will get 20% less benefits when it comes time for them to draw on Social Security.
- ⚰️ Live Long & Prosper! - Another problem: average life expectancy when Social Security began was just 56 years of age! This is why the original creators of the system made 65 years old the full retirement age because it was well past normal life expectancy. Shout out to modern medicine...and trendy, overpriced green juice with an extra shot of wheatgrass.
- 🤷🏼♂️ We Don't Care Anyway - According to a recent study, 23% of Gen Z and 26% of Millennials weren't counting on Social Security benefits, anyway. We hope they aren't banking on that Monkey NFT they bought turning into gold...
- 🌛 Keep Dreamin' - Today’s 35-year-old worker making $50,000 a year will need to sock away an extra $21 a week, or $1,092 a year to make up for a future loss of SSA lifetime benefits. AND that's assuming your employer offers a retirement plan with a 50% match with decent annual returns. Last we checked, today's economy isn't Burger King, and a lot of workers ummm… aren't having it their way.
🔥Bottom line: We all knew Social Security was destined to fizzle out eventually, but it feels like it creeped up on us pretty damn fast! Millennials and below are going to have to find another way to make their retirement happen, like starting an additional retirement account, finding new income streams, and creating their own pensions. Get that hustle on, Millennials! Your bougie retirement plans depend on it.
What are your thoughts on the future of Social Security?
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