It's good most millennials don't plan to rely on Social Security—the pandemic could drain the trust 4 years faster. (via CNBCMakeIt)
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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 [email protected]. 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..
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