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% 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 203 4, 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% of projected benefits. In any case, chances are good Congress will intervene, as it did in 1977 and 1983, to strengthen Social Security’s finances. Social Security is an enormously popular program with bipartisan support and influential lobbies, including the immensely powerful AARP, looking out for it. Still, millennials who believe Social Security won’t be there for them could make bad choices about their… Read full this story
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Liz Weston: What millennials get wrong about Social Security have 314 words, post on www.startribune.com at August 19, 2019. This is cached page on Law Breaking News. If you want remove this page, please contact us.