New Survey finds many millennials are worried about the future of Social Security


A financial planner stresses the importance of saving for retirement

HAGERSTOWN, Md. (WDVM) — A Transamerica survey found that 80 percent of people born between 1979 and 2000 are afraid about the future of Social Security. Nate Hanft, a partner with the Serafini Financial Group, says there’s no need to be afraid.

“I’m not sure there’s any need to be concerned, we’ve actually seen issues with social security in the past that they made some changes in the 1980s to address and it’s likely will see changes in the near future,” said Hanft.

One of those changes is that the full retirement age was adjusted from 65 to 67. Even with that change, Hanft still recommends millennials take saving for retirement seriously.

“Even if social security is there, social security is designed to replace 40 percent of your working income. The average person needs at least 70 to 80 percent of their income to live comfortably, so I would definitely stress that you do need to save,” said Hanft.

One millennial weighed in on the matter.

Cody Bratcher is 25-years-old and isn’t worried about social security running out. He adds he has heard about the importance of saving but hasn’t started just yet.

“I guess it’s easier said than done. Once again once you have a penny to sit on it’s easier to save it,” said Bratcher.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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