More than one-half of Millennials believe there will be no money in the Social Security system by the time they are ready to retire, according to a 2014 Pew Research report. “I don’t think anyone honestly expects to collect a single penny they pay into social security. I think everyone acknowledges that it’s going to go bankrupt or kaput,” says Doug Coupland, author of “Generation X.”
What went wrong? Will Social Security go bankrupt?
A Brief History of Social Security
In 1935, few of the program’s creators could have anticipated the condition of the Social Security program today.