Images By Tang Ming Tung
Have the past few months made you reconsider how and why you spend your money? CNBC Make It would like to hear from you. Email reporter Alicia Adamczyk at alicia.adamczyk@nbcuni.com. You've probably heard that Social Security could run out of money in the next few decades. The program's projected funding shortfall has been a political talking point for years.
Many younger Americans aren't even counting on full Social Security benefits when they retire. Only 13% of millennials expect to rely on Social Security as their primary source of income during retirement,And only about 42% of millennials and 38% of Gen Z are counting on Social Security to fund their retirement in any form or fashion, a Januaryfound. That's much lower than the 64% of Gen-X and 83% of baby boomers who are counting on the program.
That cynicism may be a good thing. The coronavirus pandemic could impact the amount of Social Security money available to go around, according to new research from thethat the program's funds may now run out sooner than expected. That's because economic downturns can reduce pay, as well as the overall number of people working, which leads to lower revenues for Social Security..
MakeIt it's not a trust. It's an accounting sleight of hand. Stop contributing to the false narrative.
MakeIt Ya don't say?
MakeIt Smart move. It's nothing than Emotional Extortion tactics anyway by the government.
MakeIt The US products are reliable than any other country and everyone likes their reliability...
MakeIt Nor do generation xers... Not counting on it to be there for us either...
MakeIt Yet the left turned down Bush’s proposal to privatize social security back in 2005. The returns since then would have paid for many more years of solvency. Another bad move by Pelosi and her brethren.
MakeIt It doesn’t matter. We’re moving to Bitcoin. Good luck with your fiat.
MakeIt We are working on building income streams so we won't have to rely on social security.
MakeIt Really. Lol. That’s all millennials do. They don’t work and only are on SM all friggin day long.
MakeIt That money was stolen a long time ago by the same cowards you all in the media bend over for.
MakeIt We got our robinhood accounts ready to roll
MakeIt Wpuldnt it be nice if we gave people the option to invest their SS as they see fit
MakeIt Can we fix this sooner, rather than later? There seems to be a problem with paying in to an insurance policy for a half-century but not being able to collect on the policy at the pre-arranged time...
MakeIt Who cares about millineals, what about generation X or Y ?
MakeIt Or the Pandemic could kill 3 Million 80 Year-olds in a year and a half shoring up Social Security for the next several centuries.
MakeIt Looks like they are relying on Robinhood.
MakeIt Unfortunately the federal government has raided social security for regular spending. There is, nor ever been a 'lock box' like that moron Al Gore suggested.
MakeIt Why am I still paying for it then
MakeIt The rich pay less into social security than normal Americans. Destroying old people's buying power will destroy the economy. The US economy needs consumers. CustomersCreateJobs ScrapTheCap TaxTheRich
MakeIt 'the trust'? You mean the filing cabinet full of iou's? Pay back what they stole from SSA then we can talk about trust...
MakeIt Socialist Insecurity.
MakeIt Current retirement, whether public or private, is provided for by those currently working. So are resources for any person not working like children. Social security should represent the median income. The trust fund is mythical.
MakeIt Please, it has nothing to do with the pandemic. That’s why the governors decided to start Sending all covid pts to nursing homes to kill off the ones that EARNED SS benefits. Millennials won’t earn a thing they’re too entitled to have to work. They’d rather tear down our country
MakeIt Let me pull out another pain: medicare. This is what future would look like: no social sec, no medicare, higher taxes.
MakeIt Defund coronavirus
MakeIt There is plenty of money in SS now that Mayors killed all the elderly in nursing homes.
MakeIt So why do you keep taxing me on it if I wont be able to use it
MakeIt tax the high volume algo trade programs and millennials will be sitting pretty when it comes time for them to retire. and trim a few trillion from the military budget. 😉
MakeIt Вы верите в это?
MakeIt tax the high volume algo trade programs and millennials will be sitting pretty when it comes time for them to retire. and trim a few trillion for the military budget.😉
MakeIt Did you factor in that the people who died from Covid-19 will not be collecting their Social Security Payments even after paying into the system? tomleegun
MakeIt No one plans for it, and then life happens
MakeIt Or the Pandemic can murder a large portion of the benefits class in and around retirement thus cutting the payouts and improving solvency? There are multiple possibilities here...
MakeIt Wages have risen 4% while rents 32% over same period wages artificially suppressed for decades with no govt action $15 federal min wage PLUS basic income overdue
MakeIt Then why do I pay into it?
MakeIt We knew it would be bankrupt before we could ever touch it...yet we still pay into it