{"id":113143,"date":"2024-10-12T02:58:47","date_gmt":"2024-10-11T19:58:47","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=113143"},"modified":"2024-10-12T02:58:47","modified_gmt":"2024-10-11T19:58:47","slug":"will-social-security-be-there-for-millennial-and-gen-z-workers","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=113143","title":{"rendered":"Will Social Security Be There for Millennial and Gen-Z Workers?"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div data-testid=\"companionColumn-0\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Paul Unnasch notices the $335 in payroll taxes coming out of his paycheck every month for Social Security, and wishes he could get those dollars back.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cIf there was a way to opt out of Social Security, I would,\u201d said Mr. Unnasch, a 27-year-old technical writer who lives in Milwaukee. \u201cI don\u2019t have much trust in it \u2014 I know I\u2019ll probably get something out of it, but people are living longer and there\u2019s a huge generation of boomers retiring now.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">An aggressive saver who socks away 20 percent of his pay in retirement accounts, he would prefer to put those Social Security payroll taxes into the stock market or use them to pay down his student loans.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Unnasch\u2019s take on Social Security isn\u2019t unusual among younger Americans. Research shows that a majority of young people are more pessimistic about the program than their older counterparts are. <a class=\"css-yywogo\" href=\"https:\/\/news.gallup.com\/poll\/546890\/americans-upbeat-future-social-security-benefits.aspx\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">Gallup polling<\/a>,<strong class=\"css-8qgvsz ebyp5n10\"> <\/strong>for example, shows that just 37 percent of Americans aged 30 to 49 expect to receive Social Security benefits when they retire \u2014 compared with 66 percent of people aged 50 or older.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-1\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Social Security is not on a course to vanish \u2014 but the concerns voiced by young people are understandable.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Last year, the program\u2019s retirement and disability trust funds had reserves of $2.79 trillion, but <a class=\"css-yywogo\" href=\"https:\/\/www.ssa.gov\/news\/press\/releases\/2024\/#5-2024-1\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">expenses have been outpacing noninterest revenue since 2010<\/a>, mainly because of low birthrates that translate into a declining ratio of workers paying into the program and more people drawing benefits. As a result, the trust fund reserves are <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2024\/05\/06\/us\/politics\/labor-market-social-security-medicare.html\" title=\"\">forecast to be depleted in 2035<\/a>. At that point, the program would be bringing in enough cash to pay only 83 percent of the benefits promised to current and future beneficiaries, according to the most recent projection of the Social Security trustees. That would be the equivalent of a 17 percent across-the-board cut in benefits.<\/p>\n<div class=\"css-1336jj\">\n<div class=\"css-121kum4\">\n<div class=\"css-asuuk5\"><noscript><\/p>\n<div class=\"css-7axq9l\" data-testid=\"optimistic-truncator-noscript\"><svg width=\"24\" height=\"24\" viewbox=\"0 0 24 24\" aria-hidden=\"true\" class=\"css-1b5b8u1\"><path fill=\"currentColor\" fill-rule=\"evenodd\" d=\"M2.5 12a9.5 9.5 0 1 1 19 0 9.5 9.5 0 0 1-19 0Zm8.5 1.75v-7.5h2v7.5h-2Zm0 2v2h2v-2h-2Z\" clip-rule=\"evenodd\"\/><\/svg><\/p>\n<div data-testid=\"optimistic-truncator-noscript-message\" class=\"css-6yo1no\">\n<p class=\"css-3kpklk\">We are having trouble retrieving the article content.<\/p>\n<p class=\"css-3kpklk\">Please enable JavaScript in your browser settings.<\/p>\n<\/div>\n<\/div>\n<p><\/noscript><\/p>\n<div class=\"css-1dv1kvn\" id=\"optimistic-truncator-a11y\" tabindex=\"-1\">\n<hr\/>\n<p>Thank you for your patience while we verify access. 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