Since social security began in 1935, many retirees have depended on social security for many years. Though, according to predictions there is going to be a huge cut in the benefits of this program. The millennial generation cannot depend on the social security benefits, for when they retire in 40 years, they will need to find other ways to save for the future or to figure out a way to fix the social security trust fund from becoming expended.
Social security is a foundation of economic structure for millions of Americans. This foundation is a pay-as-you-go program, meaning, todays workers will pay social security taxes into the program and the money is then transferred to the beneficiaries in this program. The way this program works is almost like a large pot of money. Everyone in the working age is throwing in a percentage of their paycheck, for those who now depend on
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In todays time many of our youth do not know much of social security or other ways to save. Social security only replaces about 40 percent of an average wage earners income. So many people need other ways to save money for their future retirement. This includes putting some percentage of your income into a savings account, getting a 401k with your employer who match what you put in, and investing in an IRA. Many people don’t think of these things until they are much older, but this is something that we need to be pressing on the youth of our society. With social security being scarce on the amount of money they will have in the next 40 years, the government need to enforce better ways to teach young people of saving. This would be by adding it as a mandatory class in the school system this would teach our teens to invest and save by using the things I have listed above. As well as allowing them the understanding of how important it is to save while they are young and able to