Reported 5 months ago
A recent report on Social Security reveals that without changes before 2035, millennials and future generations will bear the full burden of fixing the program, facing potential tax increases or benefit cuts. The longer Congress delays addressing the issue, the more boomers and Gen Xers can avoid these changes. Millennials, already behind in retirement savings due to factors like student debt, are likely to be the most affected. If action is postponed until 2035, millennials and subsequent generations will have to pay the entire cost of fixing Social Security, potentially requiring a significant tax increase or benefit reduction.
Source: YAHOO