A reader asks:Has the government’s response to COVID-19 changed your outlook at all on social security for millennials and younger generations?
The Social Security Act was signed by FDR in 1935 as a response to the widespread unemployment and poverty created by the Great Depression.
In 2019, it’s estimated around $1 trillion was spent on social security by the U.S. government which was roughly 23% of the annual budget.
The government could decide to simply cut social security benefits by 20-30% when this happens but I doubt that will happen.
Unless the politicians screw this up (always a possibility) millennials can include social security as a piece of their financial plan.

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