GREENSBORO, NC -- Here's the money question for the day; What will Social Security look like for Millennials?
You might think it won't exist. Maybe the better answer is, it will exist, but not in the same way. According to GoBankingRates.com, if Social Security stays the same and isn't cut, the average monthly payment when Millennials start to retire would be $2,544. That would total $741,000 in retirement.
But many experts believe Social Security will remain, just at a lower rate, with a monthly payout under $2,000.
Certified Financial Planner Matt Logan says there's a positive to this.
“The good news is, there's more Millennials who have started to save for retirement. Even more than Baby Boomers. So the good part about this news is they're saving because they're not expecting it to be their only income.”