Social Security is a central pillar for current retirees and baby boomers. Younger generations are predicting a different outcome.
. By 2035, the program will only be able to pay about 80% of promised benefits.
More than 70% of working people, across generations, said they were afraid Social Security will not be available in their retirement, Wells Fargo found. More than 90% of respondents said they would feel "betrayed" if Social Security wasn't available when they retire. Meanwhile, 8 in 10 people said retirement policy should be a top priority for presidential candidates.to shore up the nation's insurance program. The Social Security 2100 Act aims to extend the solvency of the program into the next century and increase retirees' checks.
Even so, younger generations expect the money they've saved in their 401 plans and individual retirement accounts to be their main source of income throughout their post-working years, Wells Fargo found.While experts say people could need a $1 million nest egg, less than a third of baby boomers —Nearly half of millennials didn't even have $25,000.
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