Why millennials may want to learn about Social Security

Millennials may want to learn more about the impact of Social Security on their retirement income. According to a recent report, millennials could lose up to $500,000 in benefits unless Congress acts to reform the program. If the Social Security trust fund becomes insolvent in 2035, an investor who is 35 years old today could lose about 20% of total lifetime benefits. For a 35-year-old who currently earns $100,000 per year and claims benefits at age 67, that could translate into a loss of $563,203 — from the total of $2.8 million now promised.