Should Gen Z and Millennials Even Care About Social Security Anymore?

Social Security has been around since 1935, but its long-term viability has been in question for years now. Without significant changes, it could become insolvent sometime in 2032.

What this means is it won’t have the funds to pay retirees their full benefits amount. The program’s Chief Actuary also predicts its reserves will be fully depleted within the next decade.

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For Gen Z and millennials, this poses a major concern. Will Social Security still be around by the time they’re old enough to collect? And if it is, what will the program actually look like?

Here’s what you should know.

It Will Probably Exist (But It Will Look Different)

There have already been several changes to the Social Security program. In particular, the full retirement age (FRA), which is when people can receive their full benefits amount, has risen to 66 or 67 (depending on year of birth).

Just last year, Senator Rand Paul (R-KY) proposed that the FRA increase to 70. While this never happened, it’s possible that the full retirement age could still rise in the future.

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If the program does become insolvent, there’s a chance that retirees’ checks will become smaller. The Committee for a Responsible Federal Budget estimates that benefits will fall by 24% — without any major changes.

But the program may well continue to exist.

“For young people today, I do not fear that Social Security will not exist when they go to retire, rather it might just look different,” said Ronnie Thompson, owner and financial advisor at True North Advisors. “The ages you can elect and benefit amounts you receive may vary and that could be positive or negative depending on how this may shift over time. In the end, I think the benefit will exist.”

Look at the Numbers

While concerns over Social Security’s sustainability are valid, it’s important to evaluate the facts — starting with the numbers.

“Social Security demands that for every one person taking it, three people are paying into it. Recently, there [have] been concerns that this is shifting towards two people paying in for every one person taking the benefit,” said Thompson. “If we reach that point, the concern of the long-term stability of Social Security comes into question.”

However, Thompson also pointed out that people were concerned about Social Security over 20 years ago, just as they are today. But despite the fear and uncertainty surrounding the program as a whole, he doesn’t believe it is likely to end anytime soon.

“In the last five years, Social Security has had a cost-of-living adjustment increase every year,” he said. “If Social Security was in trouble, why would this benefit increase for its participants?”

On Oct. 24, the SSA announced the cost-of-living adjustment (COLA) for 2026 is 2.8%, a nearly $56 bump to Social Security checks.

Social Security Should Supplement Your Retirement Income?

Still, the future isn’t set in stone and even a program that’s been around for 90 years can come to an end — or see significant changes. As Social Security was originally intended as a supplemental source of retirement income, it should continue to be so.

“Social Security should always be viewed as a supplemental benefit regardless of its solvency, not the main benefit driving retirement income,” said Thompson. “This should be a reminder, especially to those who are young and still have time, of the importance of saving and investing on your own now.”

Other retirement income options to consider include:

Max out your 401(k) plan contributions ($23,500 maximum for employees)), ideally with employer-matchingMax out your IRA contributions ($7,000 annual maximum or $8,000 if you’re 50 and up)Contribute to a health savings accountAnnuities or life insurance policiesOther strategic investments (if in doubt, consult an advisor)

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This article originally appeared on GOBankingRates.com: Should Gen Z and Millennials Even Care About Social Security Anymore?

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