Recently, Generation Opportunity Institute Press Secretary Jim Fellinger spoke with WDEL Afternoon News with Allan Loudell about millennials saving for the future.
Millennials are exercising strong money habits. They’re actually exercising money habits as diligently as the generation before them. 63 percent of millennials are saving money, compared with 64 percent of the generation before us.
A large part of it is that [many realize] Social Security may not be there for our generation. When you take that into consideration, it’s important to save on your own, through 401(k)s, IRAs, and online banking tools. Young people are taking the time and the steps to prepare.
Social Security spending has ballooned over the past decade and will only continue to grow. Last year, for the first time ever, Social Security spent over a trillion dollarsin one year.
It’s become so bad that the Social Security Administration’s chief actuary has actually predicted that Social Security will be bankrupt by 2034. This will hurt millennials who, for decades, have paid into the system yet will not be able to count on it when they retire.
It’s time to enact common-sense reforms to update Social Security for the 21st century. Social Security should be available to those who need it most, but young people today have saving tools at their disposal that were not available to generations in the past. It is an outdated program that must be restructured to meet the needs of modern Americans.
Without reform, Social Security will bankrupt our nation and limit economic opportunity for younger Americans. Sign the petition to fix Social Security for our generation today!