Gen Y Could Be Clinging Harder to Social Safety Net


Gen Y Could Be Clinging Harder to Social Safety Net

Apr, 18th 2017

Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services.

For most current retired workers, Social Security is a vital source of monthly income. Some 61% of retired workers currently receiving Social Security benefits rely on those benefits to account for at least half of their monthly income, according to the Social Security Administration. Another way of looking at this data is that more than 3 in 5 seniors would be in major financial trouble without their monthly Social Security checks.

Unfortunately, Social Security's long-term future is somewhat in doubt.

According to the Social Security Board of Trustees 2016 report, the Trust is forecast to burn through its...

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