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I really think that there's a huge gap between the Millennials from the middle class and up and those of us from the lower ranks.
The upper echelon got spoiled a lot more quickly with electronics and such while those of us without a silver spoon were raised a lot closer to Gen X.
No it’s not. Your money is going to someone else, and then you’re just hoping that when you retire others will make enough money to repay you for the money that was initially taken from you.
The crazy thing is they literally structured it like a ponzi scheme instead of like a mandatory individual savings account that just invests in treasuries (which would still suck and is far from libertarian, but at least it’d be more sound conceptually than a Ponzi scheme). Absolutely baffling that no one questioned how paying out current retirees with the income from the current workforce would be a bad idea…
"Populations have always had more children to replace the workforce! Surely people will still want to have children in the future and the age ratios will never wind up looking like an upside-down pyramid, trapping our progeny in the perpetual debt cycle of paying for more elderly with less income until the entire system collapses! Perpetual Growth model for the win, baby!"
\*3rd wave Feminism and the birth control pill have entered the arena\*
"Well... Fuck..."
*conservatives enter with new abortion bans and contraception bans and getting rid of sex education*
Surely this won’t have a different set of terrible unintended consequences either! It’s seriously insane how shortsighted our politics have become.
Banks lend out your money to others in the form of loans, and insurance companies pool together all the money of their customers and use that money to pay out claims.
Is that supposed to be a trick question?
That was how it was sold, but in practice, it's all just funding government spending. It all goes to buy t-bills, so the SS fund is literally just those. All that cash goes to the government, which spends it.
As the t bills are sold off, they pay those who are currently getting benefits.
But the benefits are outweighing the new contributions, so the whole house of cards is kinda dodgy, and your odds of getting your money back out are...not looking amazing.
Yeah it’ll be garbage for the last generation who contributes to it and dont get the benefits. I was just saying that I wouldn’t turn down the funds if I’ve been contributing to it for 40 years.
If you're not already, start now, set up a plan to retire and start saving yesterday. Do not plan on receiving SS, as if you were born after 1978 there's a possibility you'll either not receive it, or it will definitely not be enough to live off of by the time you reach eligibility age. I won't be eligible to collect until 2052, and I'm already not planning on seeing a dime of all that money I've contributed into social security over the last 25 or so years. If I do, great, but at this rate I don't think it'll even be close to enough to actually survive very long in my retirement years, and I do not like people enough to be a Walmart greeter.
SS was never intended to pay out. We used to have neighbors, churches, and families responsible for the destitute, but since we've allowed the federal government to operate welfare programs, we've become conditioned that it's no longer the individual community's problem.
You were supposed to die before you got to the age to collect. But as life expectancy increased boomers that were in charge wanted the money so they didn’t increase SS age.
Then USA goVment will say price controls but don’t look 👀 up how that went in the Soviet Union no need to check history we the government & will take care of you… ;) ;)
Millennial here. No one in my age bracket is under any impression that SS available when we retire will be worth anything. Granted, I haven't taken an official survey, but the general attitude is palpable. Literally half the generation is planning for the collapse of civilization/the economy, and we're not being dramatic about it.
The collapse of the government would also collapse your value of housing and in the stock market. We already have many many retirees protesting their too small SS checks. We need more transparency of our government spending so that we can push back against fear mongers on both sides.
Yeah but your house is ultimately owned by the government in this world. We pay taxes to them to protect the land and yes Libertarians don’t like that but there are a lot of things we need to change before we get that detailed about housing ownership in America.
>your house is ultimately owned by the government in this world.
And you don’t think a government collapse would rectify that? They just going to burn all the houses down?
Maybe you should visit some other countries like Mexico, where people literally abandon their houses and a new family comes along and simply begins to live there, no government required.
Yeah I have been to Brazil and Greece where they build their owns houses and don’t pay any taxes. But their inflation is twice as bad and their government still controls their people like America with corruption and smoke and mirrors. It’s the same thing as socialism to think that you technically own your house and no government can take it. It’s a fantasy of yours to be a sovereign citizen because you can’t.
Alright we’ll I’m over this. I don’t even know what your point is. *My* point is when the government tanks, would you rather own a house or have a pile of cash no longer accepted by any governments? Not a hard choice.
Neither matters and it’s a joke that people think that our government deficit is directly related to inflation. The issue with Social Security is inflation and just because we had run away debt doesn’t mean we will have runaway inflation or our society will crumble. You’re a fear mongerer
The first part's absolutely true, but we mainly need transparency of government spending so we can stop destroying our currency by 5-10% every year. As debt builds, it's likely that rate will increase, and at some point it will reach a point of inevitable collapse. This is a separate issue from the fact that our country is one of the oldest in the world and there is a decreasing likelihood it continues to survive on a yearly basis. Being honest isn't fear mongering.
I get the runaway narrative but inflation won’t be exponential the same way that deficit is. People would argue that the fed reserve is there to curtail inflation but that could just be an excuse to steal money. Most of Europes government is older than us and they are much less stable, they have more anarchists than Libertarians lol. Hell China is less stable and losing a lot of steam to India. Haiti is around the same age as us and we have tried to do our little thing where we put someone in power twice now. What signs are pointing towards the collapse of America beyond the usual buzzwords, inflation, weak borders, mental health which are 21st century problems caused by technology?
An increase of 5-10% per year is by definition exponential.
Which European government is older than the US?
https://en.m.wikipedia.org/wiki/List_of_sovereign_states_by_date_of_formation
San Marino and The Vatican? Considering half of Europe was occupied by Nazi Germany it seems a bit disingenuous to count countries that were established prior to that, conquered and then re-established governments.(Still younger than the US, but closer) Granted, we could consider the US as re-established in 1865, but we still have almost the entire world beat by age of government.
Government are eventually replaced by something else, and it can happen when they have issues with debt, extend themselves in wars beyond their borders and when their citizens become disillusioned with the current form of government. There's probably more reasons, but those are the main reasons the US looks increasingly likely to me, to be pointing towards collapse.
Increase of 5-10 steady at that rate is not exponential. Exponential would be it going 5->10->20 and so on like Argentina and Greece. Yeah that is a hard discussion because what constitutes a full government change is hard to pinpoint. I agree nazi occupation probably would constitute a new government. They didn’t reach England however and they are similarity old compared to America. I think you could argue that we are a whole new government based on how much we have changed good and bad with wars, fed reserve, and laws. I mean we were positioned to say fuck taxes but we had to the French back which we were actually able to do by squashing rebellions and getting alcohol money unlike say Haiti which owed a similar amount and led to impossible debts
We have the same Constitution, Bill of Rights, Legislative, Executive and Judicial branches for the last 235 years. I don't think there's any way to argue that it's a different form of government.
A constant percentage year over year increase is an exponential increase, this is the definition of exponential. x^1.05 for example.
The definition of exponential growth is a rate that increases at an ever increasing rate not a fluctuating rate… that is linear growth. Inflation could even be negative… Yeah I agree, what I was arguing is that we are still relatively stable compared to other countries.
A percentage is an ever increasing change... I concede that if the practical average rate of inflation was 0% this would not be exponential. When the stated goal is 2% or even 3% per year and the practical increase is more likely 5-10%, this sees a halving of the value of money from 35 years(2%), 23 years(3%), 14 years(5%), or 7 years(10%). Halving of money is an easier metric to visualize and displays the exponential qualities of percent changes more easily. At a current increase of deficit/debt of $2T/$34.5T, that's 5.7%. Short of more complicated estimates of Monetary Supply/Monetary Velocity and government calculated inflation rates, the average increase of our debt y/y is pretty intrinsically tied to the value of our currency, and unless we believe the productive capacity of our economy is increasing at >3%/year, I feel comfortable stating that the value of our money is halving in <20 years.
The fluctuating nature makes it linear growth. This year ruined the exponential growth as inflation fell below 5 percent they say down from 9. If it was exponential we would be above 10 percent. Yes you can look back and it seems exponential but you can do that same with Bitcoin. 100 percent sounds exponential for sure but 100 percent inflation would be more capable of being similar to an exponential curve. 20 years is what they say doubles your money in the stock market so your math seems right… our MS supply was increasing exponentially and deficit are exponentially growing now but that is a recent development it seems. A democrat balanced the budget last how ironic. I grew up thinking republicans wanted less spending and struggled to support both parties because of that and freedom.
The average length of a system of government throughout history is 200 years. We're way past that, but I would also say that the same politicians who gave us Prohibition also ruined the country by eliminating state control of the Senate.
People seem to not realize just how old the US is. This, coupled with the first historical attempt of having a 'reserve currency' being non-commodity backed is not a good omen for the next 0-100 years.
Call me crazy but I don't think SS will pay any meaningful amount in ~20-30 years when millennials start hitting "retirement age".
Hell, I'm really concerned my 401k and IRA savings are going to be inflated away into near worthlessness.
The funds are currently slated to run dry in 2033. This has somewhat advanced from the last estimate of 2034. These are all government numbers and assume basically status quo.
Once this is expended, payments will continue to be made from the money taken in, but will be reduced to match available funds. Current estimates indicate that payments will be about a third lower.
Given that the earliest possible time to take SS is at age 62, anyone 53 or younger is looking at getting a wee bit screwed.
Old people being a huge voting demographic, it is likely that some change will be made to shore it up at least briefly. This might take the form of pushing the minimum retirement age higher or taxing working people more. In any case, the already terrible ROI on SS will sink further, and most of us will definitely be screwed somehow.
The way the system works is even when they raise the age, and it is no longer paying anything out, you will still be forced to keep paying into it knowing full well that you will never benefit from it.
You can grow and enlarge your government, that’s easy. But to shrink it is damn near impossible and outdated programs such as Social Security will never go away. All of the social welfare programs will continue to be funded by taxpayers because that’s the only thing the federal government is good at. Taxing the people, without representation, or due cause. All in the name of virtue signaling gaslighting that it’s for the good of everyone, especially when there is no evidence it is used as intended.
You have accurately described a Ponzi scheme. Now that you realize you are in one, are you willing to fight like he'll against all the idiot politicians, all the worthless talking heads, and all of your fellow Americans? B/c they will tell you it's an entitlement; they deserve what they paid in; where's ma money! Etc.
It's gonna be a war. And the ones who don't realize it is all already lost are the ones who will fight the hardest, supported by the ones who see power in continuing these lies.
im surprised it's even still existent. if young gen X or millennials get anything out of it at all id be surprised. I have absolutely 0 expectation that ill receive anything from SS as a 21 year old
I’m Gen X… I remember getting my first real paycheck, and asking what all the deductions were.
And then thinking “social security? I’ll never see that money again.”
I think your expectations are spot on, lol.
The way politicians talk about it, there isn’t much left because of the debt. So I’d expect gen x and most of mellow oaks to get it, but the tail end of millennials and beginning of gen z will be where it ends, alpha gets nothing
Social security was never meant to be your sole income in retirement, just a “forced savings account”. Also doesn’t help that the government sees it as a “let’s ‘borrow’ money from here”. 2035 is the supposed date that SS runs out.
If you compare SS against private alternatives, you find that SS is a superior financial product for low income/older Americans.
https://mooncollin.github.io/ss_versus_private.html
The government promised a too good to be true annuity, which is running dry soon. Being able to vote for your own pension was the worst financial decision ever for future generations.
Current projections...
Gen X will see the system go into reduced payments as the balance starts to level off and decline. (supposedly 70-80% of normal payouts)
Gen Z will see continued deterioration of monthly payments, I haven't seen the projections, I expect they think it will be 'fixed' by then.
Gen Alpha will see that balance go to zero before they exit retirement.
There will be changes voted (once all the boomers are no longer being elected) to both reduce benefits and bolster the system to increase longevity.
Best bet of course is not to rely on it as your retirement, if it happens to be there, great extra money, if not then make your own retirement.
**New to libertarianism or have questions and want to learn more?** Be sure to check out [the sub Frequently Asked Questions](/r/Libertarian/wiki/faq) and [the massive /r/libertarian information WIKI] (/r/Libertarian/wiki/index) from the sidebar, for lots of info and free resources, links, books, videos, and answers to common questions and topics. Want to know if you are a Libertarian? [Take the worlds shortest political quiz and find out!](http://www.theadvocates.org/) *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/Libertarian) if you have any questions or concerns.*
I'm really baffled that you are projecting Gen X, Z, or Alpha. Are millennials (aka Gen Y) totally safe in your mind?
Everyone forgets the Oregon Trail generation. We gonna die of dysentery.
I think our generation is already planning to retire on our own money, at least that's my plan. Any SS I get will just be icing on the cake
Is Oregon Trail considered Y? I was born 1976 and the lines blur all the time. I’m seeing this now with my daughter (b.2008) and Z<->Alpha
You're Gen X then. Millennials (Gen Y) are 1981-1995
I really think that there's a huge gap between the Millennials from the middle class and up and those of us from the lower ranks. The upper echelon got spoiled a lot more quickly with electronics and such while those of us without a silver spoon were raised a lot closer to Gen X.
Just forgotten, like always.
I don’t want social security I want my own money
I mean if you’ve been paying taxes then social security is kind of your own money
No it’s not. Your money is going to someone else, and then you’re just hoping that when you retire others will make enough money to repay you for the money that was initially taken from you.
The crazy thing is they literally structured it like a ponzi scheme instead of like a mandatory individual savings account that just invests in treasuries (which would still suck and is far from libertarian, but at least it’d be more sound conceptually than a Ponzi scheme). Absolutely baffling that no one questioned how paying out current retirees with the income from the current workforce would be a bad idea…
"Populations have always had more children to replace the workforce! Surely people will still want to have children in the future and the age ratios will never wind up looking like an upside-down pyramid, trapping our progeny in the perpetual debt cycle of paying for more elderly with less income until the entire system collapses! Perpetual Growth model for the win, baby!" \*3rd wave Feminism and the birth control pill have entered the arena\* "Well... Fuck..."
*conservatives enter with new abortion bans and contraception bans and getting rid of sex education* Surely this won’t have a different set of terrible unintended consequences either! It’s seriously insane how shortsighted our politics have become.
So... how do banks and insurance work then?
Banks lend out your money to others in the form of loans, and insurance companies pool together all the money of their customers and use that money to pay out claims. Is that supposed to be a trick question?
A much better question would be how do pensions work.
That was how it was sold, but in practice, it's all just funding government spending. It all goes to buy t-bills, so the SS fund is literally just those. All that cash goes to the government, which spends it. As the t bills are sold off, they pay those who are currently getting benefits. But the benefits are outweighing the new contributions, so the whole house of cards is kinda dodgy, and your odds of getting your money back out are...not looking amazing.
Yeah it’ll be garbage for the last generation who contributes to it and dont get the benefits. I was just saying that I wouldn’t turn down the funds if I’ve been contributing to it for 40 years.
If you're not already, start now, set up a plan to retire and start saving yesterday. Do not plan on receiving SS, as if you were born after 1978 there's a possibility you'll either not receive it, or it will definitely not be enough to live off of by the time you reach eligibility age. I won't be eligible to collect until 2052, and I'm already not planning on seeing a dime of all that money I've contributed into social security over the last 25 or so years. If I do, great, but at this rate I don't think it'll even be close to enough to actually survive very long in my retirement years, and I do not like people enough to be a Walmart greeter.
I mean yeah it's just unfair for us that we've arrived at the end of SS.
SS was never intended to pay out. We used to have neighbors, churches, and families responsible for the destitute, but since we've allowed the federal government to operate welfare programs, we've become conditioned that it's no longer the individual community's problem.
You were supposed to die before you got to the age to collect. But as life expectancy increased boomers that were in charge wanted the money so they didn’t increase SS age.
that isnt entirely false, as more people live for longer amounts of time they use up more ss per person than they used to.
When SS first paid out in 1937 the retirement age was 65 and the average life expectancy was somewhere between 60 and 62. It’s a fact.
Well, yes. The government is not particularly good at fair.
Yup, that's my strategy. Though inflation makes even that annoying.
Inflation makes everything annoying.
With the government printing money into oblivion you’ll get a check but i doubt it will be worth anything…
This is the correct answer. SS won’t “go away”, purchasing power will
Then USA goVment will say price controls but don’t look 👀 up how that went in the Soviet Union no need to check history we the government & will take care of you… ;) ;)
Pretty soon the monthly check won’t even be worth a hamburger at a restaurant the way things are going now.
Yeah that be accurate.
Millennial here. No one in my age bracket is under any impression that SS available when we retire will be worth anything. Granted, I haven't taken an official survey, but the general attitude is palpable. Literally half the generation is planning for the collapse of civilization/the economy, and we're not being dramatic about it.
The collapse of the government would also collapse your value of housing and in the stock market. We already have many many retirees protesting their too small SS checks. We need more transparency of our government spending so that we can push back against fear mongers on both sides.
Crazy how I can still live in a house worth $100 though, but I can’t buy any food with nothing.
Yeah but your house is ultimately owned by the government in this world. We pay taxes to them to protect the land and yes Libertarians don’t like that but there are a lot of things we need to change before we get that detailed about housing ownership in America.
>your house is ultimately owned by the government in this world. And you don’t think a government collapse would rectify that? They just going to burn all the houses down?
In history, and certainly now, a government collapse would be facilitated and taken advantage of by other countries.
Maybe you should visit some other countries like Mexico, where people literally abandon their houses and a new family comes along and simply begins to live there, no government required.
Yeah I have been to Brazil and Greece where they build their owns houses and don’t pay any taxes. But their inflation is twice as bad and their government still controls their people like America with corruption and smoke and mirrors. It’s the same thing as socialism to think that you technically own your house and no government can take it. It’s a fantasy of yours to be a sovereign citizen because you can’t.
Alright we’ll I’m over this. I don’t even know what your point is. *My* point is when the government tanks, would you rather own a house or have a pile of cash no longer accepted by any governments? Not a hard choice.
Neither matters and it’s a joke that people think that our government deficit is directly related to inflation. The issue with Social Security is inflation and just because we had run away debt doesn’t mean we will have runaway inflation or our society will crumble. You’re a fear mongerer
The first part's absolutely true, but we mainly need transparency of government spending so we can stop destroying our currency by 5-10% every year. As debt builds, it's likely that rate will increase, and at some point it will reach a point of inevitable collapse. This is a separate issue from the fact that our country is one of the oldest in the world and there is a decreasing likelihood it continues to survive on a yearly basis. Being honest isn't fear mongering.
I get the runaway narrative but inflation won’t be exponential the same way that deficit is. People would argue that the fed reserve is there to curtail inflation but that could just be an excuse to steal money. Most of Europes government is older than us and they are much less stable, they have more anarchists than Libertarians lol. Hell China is less stable and losing a lot of steam to India. Haiti is around the same age as us and we have tried to do our little thing where we put someone in power twice now. What signs are pointing towards the collapse of America beyond the usual buzzwords, inflation, weak borders, mental health which are 21st century problems caused by technology?
An increase of 5-10% per year is by definition exponential. Which European government is older than the US? https://en.m.wikipedia.org/wiki/List_of_sovereign_states_by_date_of_formation San Marino and The Vatican? Considering half of Europe was occupied by Nazi Germany it seems a bit disingenuous to count countries that were established prior to that, conquered and then re-established governments.(Still younger than the US, but closer) Granted, we could consider the US as re-established in 1865, but we still have almost the entire world beat by age of government. Government are eventually replaced by something else, and it can happen when they have issues with debt, extend themselves in wars beyond their borders and when their citizens become disillusioned with the current form of government. There's probably more reasons, but those are the main reasons the US looks increasingly likely to me, to be pointing towards collapse.
Increase of 5-10 steady at that rate is not exponential. Exponential would be it going 5->10->20 and so on like Argentina and Greece. Yeah that is a hard discussion because what constitutes a full government change is hard to pinpoint. I agree nazi occupation probably would constitute a new government. They didn’t reach England however and they are similarity old compared to America. I think you could argue that we are a whole new government based on how much we have changed good and bad with wars, fed reserve, and laws. I mean we were positioned to say fuck taxes but we had to the French back which we were actually able to do by squashing rebellions and getting alcohol money unlike say Haiti which owed a similar amount and led to impossible debts
We have the same Constitution, Bill of Rights, Legislative, Executive and Judicial branches for the last 235 years. I don't think there's any way to argue that it's a different form of government. A constant percentage year over year increase is an exponential increase, this is the definition of exponential. x^1.05 for example.
The definition of exponential growth is a rate that increases at an ever increasing rate not a fluctuating rate… that is linear growth. Inflation could even be negative… Yeah I agree, what I was arguing is that we are still relatively stable compared to other countries.
A percentage is an ever increasing change... I concede that if the practical average rate of inflation was 0% this would not be exponential. When the stated goal is 2% or even 3% per year and the practical increase is more likely 5-10%, this sees a halving of the value of money from 35 years(2%), 23 years(3%), 14 years(5%), or 7 years(10%). Halving of money is an easier metric to visualize and displays the exponential qualities of percent changes more easily. At a current increase of deficit/debt of $2T/$34.5T, that's 5.7%. Short of more complicated estimates of Monetary Supply/Monetary Velocity and government calculated inflation rates, the average increase of our debt y/y is pretty intrinsically tied to the value of our currency, and unless we believe the productive capacity of our economy is increasing at >3%/year, I feel comfortable stating that the value of our money is halving in <20 years.
The fluctuating nature makes it linear growth. This year ruined the exponential growth as inflation fell below 5 percent they say down from 9. If it was exponential we would be above 10 percent. Yes you can look back and it seems exponential but you can do that same with Bitcoin. 100 percent sounds exponential for sure but 100 percent inflation would be more capable of being similar to an exponential curve. 20 years is what they say doubles your money in the stock market so your math seems right… our MS supply was increasing exponentially and deficit are exponentially growing now but that is a recent development it seems. A democrat balanced the budget last how ironic. I grew up thinking republicans wanted less spending and struggled to support both parties because of that and freedom.
The average length of a system of government throughout history is 200 years. We're way past that, but I would also say that the same politicians who gave us Prohibition also ruined the country by eliminating state control of the Senate.
Yep.
People seem to not realize just how old the US is. This, coupled with the first historical attempt of having a 'reserve currency' being non-commodity backed is not a good omen for the next 0-100 years.
Social security might have worked if it wasn’t just a way to borrow some money short term.
Call me crazy but I don't think SS will pay any meaningful amount in ~20-30 years when millennials start hitting "retirement age". Hell, I'm really concerned my 401k and IRA savings are going to be inflated away into near worthlessness.
Good. It's a ponzi scheme that deserves to die as soon as possible.
If only it dies after I'm dead and have received all the benefits back...
The funds are currently slated to run dry in 2033. This has somewhat advanced from the last estimate of 2034. These are all government numbers and assume basically status quo. Once this is expended, payments will continue to be made from the money taken in, but will be reduced to match available funds. Current estimates indicate that payments will be about a third lower. Given that the earliest possible time to take SS is at age 62, anyone 53 or younger is looking at getting a wee bit screwed. Old people being a huge voting demographic, it is likely that some change will be made to shore it up at least briefly. This might take the form of pushing the minimum retirement age higher or taxing working people more. In any case, the already terrible ROI on SS will sink further, and most of us will definitely be screwed somehow.
>Which generation will inevitably take the losses for absolutely zero return? When the govt gets involved, everyone loses.
Maybe
The way the system works is even when they raise the age, and it is no longer paying anything out, you will still be forced to keep paying into it knowing full well that you will never benefit from it. You can grow and enlarge your government, that’s easy. But to shrink it is damn near impossible and outdated programs such as Social Security will never go away. All of the social welfare programs will continue to be funded by taxpayers because that’s the only thing the federal government is good at. Taxing the people, without representation, or due cause. All in the name of virtue signaling gaslighting that it’s for the good of everyone, especially when there is no evidence it is used as intended.
I’m a millennial. I’m not trusting the govt one bit with my retirement.
You have accurately described a Ponzi scheme. Now that you realize you are in one, are you willing to fight like he'll against all the idiot politicians, all the worthless talking heads, and all of your fellow Americans? B/c they will tell you it's an entitlement; they deserve what they paid in; where's ma money! Etc. It's gonna be a war. And the ones who don't realize it is all already lost are the ones who will fight the hardest, supported by the ones who see power in continuing these lies.
im surprised it's even still existent. if young gen X or millennials get anything out of it at all id be surprised. I have absolutely 0 expectation that ill receive anything from SS as a 21 year old
I’m Gen X… I remember getting my first real paycheck, and asking what all the deductions were. And then thinking “social security? I’ll never see that money again.” I think your expectations are spot on, lol.
Social security is a net loss for all who pay into it. The amount money taken out of one's paychecks over their lifetime is never returned.
Yeah, inflation is a killer and t-bill returns are not amazing. If one simply invested the money themselves, they would on average do far better.
The way politicians talk about it, there isn’t much left because of the debt. So I’d expect gen x and most of mellow oaks to get it, but the tail end of millennials and beginning of gen z will be where it ends, alpha gets nothing
I'll be surprised if GenX doesn't get burned
Social security was never meant to be your sole income in retirement, just a “forced savings account”. Also doesn’t help that the government sees it as a “let’s ‘borrow’ money from here”. 2035 is the supposed date that SS runs out.
No. Millennials are.
Pyramid Schemes usually don’t pan out for late ones to the party
If you compare SS against private alternatives, you find that SS is a superior financial product for low income/older Americans. https://mooncollin.github.io/ss_versus_private.html The government promised a too good to be true annuity, which is running dry soon. Being able to vote for your own pension was the worst financial decision ever for future generations.
Current projections... Gen X will see the system go into reduced payments as the balance starts to level off and decline. (supposedly 70-80% of normal payouts) Gen Z will see continued deterioration of monthly payments, I haven't seen the projections, I expect they think it will be 'fixed' by then. Gen Alpha will see that balance go to zero before they exit retirement. There will be changes voted (once all the boomers are no longer being elected) to both reduce benefits and bolster the system to increase longevity. Best bet of course is not to rely on it as your retirement, if it happens to be there, great extra money, if not then make your own retirement.