How To Plan (Or Not Plan) For Social Security In Retirement

  • Forbes | by: Kate Ashford |
  • 2018-08-24
Three-quarters of Americans are concerned that by the time they’re ready to retire, Social Security won’t be there for them, according to the most recent Transamerica Retirement Survey. This is especially true for younger workers: 83% of Generation X and 80% of Millennials have this fear, compared to 65% of Baby Boomers.

But what do experts have to say about Social Security? Are financial planners still relying on the social safety net in their future calculations? Here, financial experts weigh in:

Consider it—but Millennials shouldn’t count on it

“If a Millennial plans well, they won’t have to worry about Social Security. This generation really needs to understand that Social Security is, in fact, an anti-poverty insurance policy and not a personal pension. Live within your means, pay yourself first, and let compounding returns do the work, not trying to pick the hottest stock or sector.” –Edward Gjertsen, financial planner in Northfield, IL

Consider it—but benefit design could change

“When the subject of Social Security arises with my Millennial clients, I reassure them that it will be there for them and to ignore all the noise and talk. However, I also let them know that keeping it solvent may require delay in the full retirement age or a reduction in benefits.” –James Bryan, financial planner in Edina, MN

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