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Gen Z and millennials may not be able to count on Social Security


  • About a quarter of young American adults fear Social Security won’t be a reliable source of retirement income for them.

  • It’s important that they take more control of their own finances by investing and saving at every stage of their lives.

  • Young people can open self-directed individual retirement accounts and make sure their income sources are sufficiently diversified, for example.

Here are some things Gen Z and millennials can do to create some financial peace of mind for themselves:

  • Start investing in a 401K, traditional IRA, Roth IRA or an individual brokerage account. Getting started early in life allows these accounts to grow and become the primary source for retirement savings.

  • Find ways to diversify your sources of income. Do not have all of your income coming from one place.

  • Create your own pension. There are a variety of financial options that can give someone a similar low-risk consistent income stream that a pension or Social Security would provide — for example, a single premium immediate annuity or a deferred annuity.

https://www.cnbc.com/2021/09/23/op-ed-should-gen-z-and-millennials-count-on-social-security.html

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