Over the last month, millions of students have been celebrating their college graduation. These students have been saving, studying, and looking forward toward to that moment for years. Now with graduation behind them, their next big investment could be a car, a house, or even open a portfolio for retirement. Unfortunately, a recent Pew poll found that only eight percent of millennials expect to receive full Social Security benefits when they retire. With a bleak postgraduate job climate, the prospects for government-backed retirement insurance may be even worse. The Social Security system in the U.S. is in financial ruin and requires structural changes in the form of private retirement account options to ensure Millennials receive benefits upon retirement.
According to Pew, 51 percent of Millennials believe they will receive no Social Security money by the time they retire. 39 percent believe the system will provide benefits at reduced levels. Indeed, a mere 6 percent believe they will receive benefits enjoyed by current retirees at the same levels.
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