What Changes to Social Security Might Occur?
“There might even be a testing portion of Social Security that would reduce or completely eliminate benefits for those individuals with large amounts of retirement income or wealth,” said Hopkins. It’s hard to say what Social Security will look like in 40 years, but a complete overhaul of the program is inevitable, according to Hopkins.
Half of all millennials surveyed by the Pew Research Center in 2014 believe that Social Security will go bankrupt before they retire. With government data on tax income pointing to a continuation of about three-quarters of scheduled benefits through 2089, however, millennials will likely receive some Social Security — just not as much as Americans receive now.
Understand: The True Costs of Retiring on Social Security