Future of Social Security uncertain for next generation - Cleveland 19 News Cleveland, OH

Future of Social Security uncertain for next generation

The future of Social Security has become more uncertain for those who will need it. (Source: MGN Online) The future of Social Security has become more uncertain for those who will need it. (Source: MGN Online)
(WOIO) -

Millions of retired Americans depend on Social Security, but the government may have to cut back the amount of those checks.

With baby boomers retiring at a faster pace, the Social Security System is rapidly changing.

An economics professor predicts we will likely have Social Security for the foreseeable future, but the system is broken. He says those in their 20s and 30s will be affected most.

"Baby boomers are going to begin retiring at a really quick pace coming up over the next five years and the number of people working is going to go down," said professor Michael Miller with DePaul University. "When you add those two things together, you have a crisis."

The newest numbers show the Social Security trust fund is likely to run out in 2033.

Benefits will still be paid, but you'll get 23 percent less.

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