Millennials will receive twice as much from Social Security as those retiring now, finds a Urban Institute report.
According to the brief, under current law average-income single Millennials who turn 65 in 2050 are expected to receive about $1 million in Social Security benefits over their lifetimes. That’s double the amount single adults retiring between 2015 and 2020 will receive in benefits.
As for if it will be enough, there’s no way of knowing for sure. As we told you in 2017, The Board of Trustees of the Federal Old-age and Survivors Insurance and Federal Disability Insurance Trust Funds found Social Security reserves will be depleted in 2034.