4 things about Social Security

4 things about Social Security

If you’re a millennial, should you expect to receive Social Security someday? Nearly half of the generation born between 1981 and 1996 strongly or somewhat agree with the statement that they “won’t get a dime” from Social Security benefits, according to a 2022 report by HealthView Services. 

The pessimism is understandable, given recent projections. Social Security’s retirement trust fund is expected to be drained by 2033, according to the latest trustee’s report. 

But if you’re a millennial, the picture isn’t quite as bleak as it sounds. Here are four things every millennial should know about the future of Social Security

1. You can still count on getting Social Security

The claims that Social Security is going broke aren’t quite correct. It’s true that unless Congress acts before 2033, Social Security’s retirement trust will run out of money. But Social Security is a pay-as-you-go program. It’s funded by the 6.2% Social Security payroll tax that both you and your employer pay up to an annual wage cap ($160,200 in 2023).

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