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Social Security will be there for you, millennials

Social Security will be there for the younger generation, but they should prepare to only get 75 percent of what retirees get now.

By Ben Steverman | Updated on June 23, 2016
Social Security will be there for the younger generation, but they should prepare to only get 75 percent of what retirees get now. (Photo: iStock)

Social Security is like a Rorschach Test. Some look into the federal retirement program’s future and see nothing but doom and gloom: It is bankrupt, economically untenable, and fiscally unsustainable. Others see a solid institution — the strongest cords of America’s safety net — that just needs a few tweaks, maybe even an expansion.

The Social Security Administration on Wednesday released its annual trustees’ report, giving us a look at its finances. The trustees, including Treasury Secretary Jacob Lew, estimate that the Social Security trust fund will run out of money in 2034. But don’t expect this to settle any debates.

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