No matter how you look it, our Social Security program is a mess. Less than a month ago the Social Security Trustees released their annual report on the program which reflected what most Americans already assumed; the program is insolvent.
Social Security is currently the single largest federal program which, in 2016 alone, is projected to cost Americans $929 billion. According to its own grim report, the Social Security Trustees found that the program will be completely unsustainable past 2034.
However, before the dust from the Trustees report has even had time to settle, the Congressional Budget Office (CBO) released their own annual report on long-term federal spending and revenue which put the Social Security insolvency date closer to 2029. Though neither entity agrees on the date, one thing both agencies realize is that Social Security is not sustainable and the clock is running out.
What does this all mean? Most importantly, it means that Millennials need more options when it comes to planning for our futures. Today’s young Americans are unlikely to retire before 2029 or 2034 and though many of us never planned on having Social Security benefits available to us, the time to prepare for our retirement is now.
Millennials need more opportunities to build our careers and save our money in order to prepare for the time when we are no longer able to work. We can do this by working to provide more opportunities to the millennial generation by reducing government regulations that hold us back.
We are a generation capable of incredible things and it is time to take our futures into our own hands and find alternative solutions to our broken Social Security system.