Social Security for Millennials

Social Security for Millennials: Will It Be There in Retirement?

From June 2016 to June 2017, more than 2.9 million Americans signed up for Social Security benefits. On average, these people received $1,413.08 in monthly benefits—with women receiving less on average when dividing that group up between genders. For many attempting to maintain a certain standard of living in retirement, Social Security alone will be inadequate; however, that’s not to say it will not help as a supplemental form of income. That being said, as we look toward the future, the concept of Social Security for millennials is still somewhat questionable.

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future of Social Security

The Future of Social Security: Will It Be Sustainable?

In 2017, the average Social Security check was $1,360 per month. Social Security may not be enough for one to live off of solely in retirement, but it certainly helps as a supplemental form of monthly income when your regular income from your full-time job has ceased. However, the future of Social Security is a bit uncertain. Some fear a disappearance of Social Security benefits altogether, while others think it is more likely that Social Security benefits will just suffer a reduction—a sentiment that is more justified than the former.

Continue reading » The Future of Social Security: Will It Be Sustainable?