At first glance, Gen Z and Social Security may seem like they’re quite far apart.
After all, why would a young generation of individuals in their 20s or 30s worry about the condition of America’s retirement program?
There are a few reasons why this demographic of people is smart to be concerned about Social Security. Today we’ll talk about why it pays to pay attention to the state of this program, and how you can get ahead in retirement planning.
Will Social Security be There for Gen Z?
It’s no secret that Social Security is experiencing a funding shortfall. Some members of Gen Z are worried that benefits simply won’t be available for them in retirement.
It’s true that partial insolvency is expected by 2035 or even sooner by certain projections. However, this doesn’t mean that today’s young adults won’t get any benefits at all, since the program isn’t technically bankrupt. It also doesn’t mean they shouldn’t be focused on protecting this program — after all, they’re currently paying into it.
It’s wise to think of the program as a supplementary retirement option, rather than a primary one. This means considering retirement planning tips for your age group, like how to contribute to your retirement account of choice.
But the question remains — can you count on Social Security to do its part in funding your later years? Especially since you’re doing your part to support it now. The answer isn’t certain, but what is certain is our ability to influence the future.
How to Protect Social Security’s Future
We here at the Council for Retirement Security fight for retirees — both the ones of today and tomorrow.
Our Social Security Lock-Box Petition is designed to protect the retirement we all deserve. Sign it if you share our passion for protecting this program and the financial security of seniors both now and in the future. You can also bookmark our page for more content like this.