In 2023, 1,500 eligible voters from different age groups filled a poll regarding social security reforms. 40% of respondents believe that Social Security pays retirees more than it receives in Social Security tax. In comparison, 26 disagreed with this statement.
The result proved that Millennials (ages 27 to 42), Gen Zs (ages 18 to 26), and Gen Xers (ages 43 to 58) were more likely than boomers (those older than 59) to see a need for the reform of Social Security.
According to the poll, 56% of Gen Zs, 76% of millennials, and 69% of Gen Xers want a reform. Meanwhile, about 50% of boomers oppose the motion. 52% of millennials believe the system isn’t getting as many tax payments as it is handing out benefits.
Other generations think differently, including Gen Z (39 percent), Gen X (25 percent), and boomers (39 percent). Morley Winograd, a well-versed author with three books on the millennial generation, also has an opinion on social security reforms.
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He said: “In general, millennials and plurals — our name for Gen Z — are skeptical that Social Security benefits as robust as those retirees like me enjoy will be available to them when they retire.”
“They have been told by Republicans in Congress, seconded by deficit hawks in think tanks, that the money will run out before they can claim it,” he continued. “None of that is true. But, luckily, the younger generation’s skepticism of experts and politicians will help prevent the kind of unnecessary tinkering with future, never present, Social Security payments that some older folks advocate.”
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Boomers are the longest-lived people on the planet at this time and the wealthiest generations on earth. Meanwhile, millennials remain burdened by the debt “many of them incurred by paying excessive and economically unjustified tuition prices.”
Winograd believes this happened to them for one reason. They are the first generation in American history to shoulder the burden of paying for higher education alongside their parents.
The older generation has, on average, a net worth 12 times higher than millennials. According to data, millennials are worth an average of $100,000.
ALSO READ: Whoopi Goldberg Berates the Millennial Generation on “The View”
The topic of social security reforms has become prevalent as experts are foreseeing unique issues that may arise due to the country paying out more in benefits than it is bringing in.
Experts believe that if things continue his way, in ten years, the government may be unable to pay less than 80% of the usual benefits. What will follow? Millions of retirees and people with disabilities plunged into poverty.
Let us know your thoughts on the call for social security reforms.
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