From WSJopinion: Will Gen Z cash in on Social Security? In this week’s Future View column, students discuss entitlement reform, government spending and the impending insolvency crisis
, students discuss Social Security. Next week we’ll ask, “Some colleges are no longer requiring diversity, equity and inclusion statements in hiring. How has your college experience changed with DEI practices on campus? Are the changes for the better or worse? Is the tide turning on DEI?”to submit opinions of fewer than 250 words before March 14. The best responses will be published that night.
The second would be to encourage funding alternative retirement plans. An existing program ripe for expansion is the FICA Alternative Plan, which requires employees to set aside funds instead of contributing to Social Security. Social Security’s financial burden could be eased by providing an opt-in alternative retirement account that reduces Social Security eligibility but provides an avenue for tax-advantaged savings.
Regardless of the changes Congress makes, Social Security will be a ghost of its former self by the time my generation can collect.In 2020 the average annual Social Security benefit for retirees was $18,036. According to a University of Massachusetts study, the projected annual cost for a senior to live independently in my home state of Texas is $23,916. Social Security is already struggling to support our seniors. I doubt that the reforms necessary to support my generation will happen.
That exchange leaves me little hope that sufficient reform will take place to support my generation. Instead of placing retirement dreams in the hands of a deadlocked Congress, I advise everyone to depend on the fruits of their own labor. Strong investments in retirement accounts, healthy social networks and modest living standards are the best foundation for retirement.Social Security won’t run out of money.
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