Download “Social Security Benefits: How Much Should Millennials Expect?”

Millennials are wondering how much income (if any) they will receive from Social Security when they retire: nearly half strongly or somewhat agree that they “won’t get a dime” in benefits. Their concerns are not unfounded. The Social Security Administration (SSA) Trustees Report released in June 2022 states the program will only be able to pay 80% of benefits owed to retirees and survivors beginning in 2035. This paper focuses specifically on how a 20% reduction in benefits affects Millennials, as precedent suggests that future policy changes may have the largest impact on those still decades away from claiming.