Fearing Social Security Benefits Will Run Out, Young Workers Are Saving More

WSJ Your Money Briefing

The Wall Street Journal

News, Business News

3.8 • 1.6K Ratings

🗓️ 16 July 2024

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

In a recent Gallup survey, about 47% of working Americans said they feel Social Security won’t be able to pay them benefits when they retire. Wall Street Journal personal-finance reporter Joe Pinsker joins host J.R. Whalen to discuss common misunderstandings about the program’s future, and how some workers are making adjustments to the way they save for retirement. Sign up for the WSJ's free Markets A.M. newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:11.0	Take a free test drive of OCI at oracle.com
0:14.4	slash Wall Street.
0:17.0	Here's your money briefing for Tuesday, July 16th. I'm J.R. Waylan for the Wall Street Journal.
0:25.0	Americans contribute about $1 trillion a year into Social Security through payroll taxes.
0:32.0	And yet many workers fear there won't be any benefits available for them when they retire.
0:37.0	Here's where language gets really important.
0:40.0	Is Social Security going to run out of money?
0:42.0	No. Are Social Security's trust funds going to run out of money?
0:46.8	They might if the government doesn't take action.
0:50.0	What does that mean for people saving for retirement?
0:52.8	We'll ask personal finance reporter Joe Pinsker, after the break. you're Many Americans fear there won't be Social Security funds available when they retire.
1:22.0	Wall Street Journal Personal Finance reporter Joe Pinsker
1:24.7	joins me. Joe, about how much money is paid into Social Security each year.
1:30.7	Last year workers in the U.S 1.23 trillion dollars into Social Security
1:36.0	and that was in the form of payroll taxes which should sound familiar to just about
1:40.7	anyone who does paid work in this country.
1:43.0	How does that compare to how much money was paid out?
1:45.0	The program paid out about $1.38 trillion in overall benefits,
1:51.0	so more than it took in in taxes.
1:53.0	But that's the gap that government reports have been warning about for a while,
	...

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