The fear that young Americans won’t ever get Social Security could benefit them after all
Many young Americans don’t believe they’ll ever see the benefits of Social Security — and that might be a good thing.
The truth: Social Security will still be around in some capacity, but planning as if it won’t may be the best strategy when saving for the future. “We have to rely on assumptions that are reasonable,” said Sergio Garcia, an associate planner at Quest Capital Management in Dallas. “With the ever-changing landscape of Social Security, it has been my approach to disregard the benefit entirely.”
Legislators are particularly mixed about how changing the program would impact millennials. Some say increasing taxes now would place a burden on young Americans, who are just beginning their careers and already struggle to afford their bills and student loans. Others say doing nothing would hurt millennials even more down the line, and that the government can’t afford to delay reform any longer.
At a certain point, it might be best to include Social Security assumptions — but at a significant discount. McKevitt said he does not include income from Social Security for clients in their 20s through early 40s, but will begin assuming they’ll receive 50% of their benefit at age 45. Around age 50, he’ll increase the assumption to 75%.
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