According to a Social Security and Medicare Boards of Trustees report in 2023, there is a potential for Social Security to become insolvent by 2034. With many Americans depending on social security benefits after retiring, cuts to benefits are worrisome. Silvur Founder and CEO Rhian Horgan joins Yahoo Finance to break down the state of the Social Security system and what a future without full benefits may look like.
Horgan lays out a challenging reality for younger Americans: "The huge focus on the savings generation, how do you get the younger employees to save for retirement, but employers are walking away when it comes to retirement. In the old days, you had a pension, employer healthcare, someone was taking care of you. Today, this American generation is paying for healthcare on their own, trying to figure out how they’re going to finance long-term care, and deeply afraid of aging into poverty…Employers have said we don’t want to be responsible for our former employees’ retirement. And so now financial institutions need to step in and say, okay, we’re going to help you manage that IRA."
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