According to a new report, young people are better at saving money and planning for their future than older generations. The report confirms previous findings that young people have an average savings rate higher than all other age groups.
With young people clearly saving more money and taking control of their financial futures, why are they still forced to pay almost one-eighth of their wages into Social Security?
Social Security is an outdated, expensive, wasteful, and poorly managed government program. Unless it is reformed, it won’t be able to pay out full benefits starting in just twelve years, which really isn’t a long time! Perhaps that’s why a majority of us don’t expect to ever receive Social Security benefits.
Young people can’t afford to keep squandering their hard-earned money on a Social Security program that won’t be there for them. We know how to save and plan for the future – we need a fresh, flexible policy approach to retirement security that empowers us to do more of that.
If you want to act and add your voice to the growing crowd demanding Social Security reform, click here to sign our petition.