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Well, for millennials, that ship might have already sailed.
GOBankingRates spoke with millennials who are planning for retirement without counting on Social Security.
Heres what they had to say about why theyrenot banking on this long-standing government program.
By 2034, it could be empty if nothing changes.
That ratio has dropped to 2.8 today.
And by the time millennials retire, it could be down to two.
Im not taking any chances.
Sam said his parents set him up with retirement accounts when he was 9 years old.
Im legit just so thankful they were on it, he said.
My grandma is 95 and still going strong, Amy said.
Thats awesome, but it also means I need to plan for potentially 30 or more years of retirement.
By the time I retire, the Social Security check might cover a nice dinner out once a month.
If I skip dessert, Sam said.
Its hyperbole but it underlines the panic some millennials are feeling about the situation.
Im a freelancer, so my income is about as predictable as the weather in April, Amy explained.
Some months Im rolling in it, others Im scraping by.
Its hard to count on asteady Social Security benefitwhen my contributions are all over the place.
Id rather count on my own savings than play Russian roulette with government programs.
Im not waiting for Uncle Sam to fund my retirement, Amy said.
Learning as I go!
While Social Security might still exist when millennials retire, these two millennials arent counting on it.
As Sam put it, Im treating Social Security like an unexpected bonus rather than a guarantee.
If its there, great.
If not, Ill still be sipping margaritas on a beach somewhere, goddess willing.
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