Social Security office in Baltimore. (Photo: Bloomberg)
What population group will suffer the most if the federal government does not address the shortfall in the Social Security Trust Fund for retirees?
The answer, not surprisingly, is millennials because they will be collecting smaller payouts for longer, according to a new report from the Employee Benefit Research Institute (EBRI). The oldest age group would suffer the least.
The Social Security trust fund is on track to deplete its reserves by 2034, which would mean a 23% benefit cut if nothing is done to shore up reserves, restructure benefits or both.
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Bernice Napach
Bernice Napach is a senior writer at ThinkAdvisor covering financial markets and asset managers, robo-advisors, college planning and retirement issues. She has worked at Yahoo Finance, Bloomberg TV, CNBC, Reuters, Investor's Business Daily and The Bond Buyer and has written articles for The New York Times, TheStreet.com, The Star-Ledger, The Record, Variety and Worth magazine. Bernice has a Bachelor of Science in Social Welfare from SUNY at Stony Brook.
