Some 76 percent of young Americans don't think Social Security will be able to pay them a benefit when they retire (Gallup); 86 percent would like to divert the taxes they pay to Social Security into private accounts (Pew Research Center); 48 percent of Americans under 40 think the system is in crisis and about to go bankrupt (Lake Research Partners).I hear this from younger workers (under 40) all the time: "Social Security? That's not going to be there for me..." Not surprising given that so many of their parents have the notion that they need to start their benefits right away at age 62, "...before they run out of money." Just as two wrongs don't make a right, two incorrect perceptions don't make a truth.
Fortunately, Mr. Miller steers us to a thoughtful report, A Young Person's Guide to Social Security, by Kathryn Anne Edwards, Alexander Hertel-Fernandez, and Anna Turner. This thorough document carefully explains the Social Security program, addressing both its strengths and weaknesses. They review the many fixes that can reasonably be implemented to stabilize the system - including for those who are just now entering the workforce.
Whether a Baby Boomer or a twenty-something, the smart financial bet is that Social Security will be there for you when you start your benefits, so you should plan accordingly.
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