Last year, more of your tax dollars were poured into Social Security. But don’t forget, you will most likely never see a return on that “investment.” The Social Security system is antiquated; it was thought up and implemented in a different era. Few programs that made sense in the 1930s make much sense in the modern world. Social Security is no exception.
But paycheck after paycheck, year after year, we continue to hand over our money with the hope it will be available to use once we retire. The sad truth is that it likely won’t be.
When Social Security was established, there were an estimated 163 workers to every one retiree. Today, there are less than three workers for each retiree. Payments into Social Security can’t keep up with withdrawals.
The chief actuary of the Social Security Administration predicted over the summer that Social Security would be bankrupt by 2034. This puts millennials in an especially difficult spot. In 2034, the oldest millennials will be in their mid-fifties, a few years away from retirement age. They will finally reach retirement with nothing in Social Security to show for the decades they paid in.
The situation becomes worse the longer the problem goes unaddressed. The funds are draining quickly, and the weight of an empty Social Security fund is going to be on the shoulders of millennials when it’s time for us to retire.
Common-sense reforms need to be embraced that will pull Social Security out of the 1930s and push it into the 21st century to ensure that it becomes a true safety net, not a future-killing entitlement that creates barriers to young peoples’ financial success. Click here to sign our petition to fix Social Security!