“How Much Will Boomers, Millennials Get in Retirement?”

How Much Will Boomers, Millennials Get in Retirement?,” by Ginger Szala, ThinkAdvisor

“The Urban Institute has released its most recent projections on what baby boomer retirees as well as Generation Xers and millennials will be receiving in Social Security and Medicare benefits, updated with the latest information based on income, prices, mortality and related factors. Overall, the average-income single boomer retiring in 2020 will receive about $500,000 in total benefits, while millennials who turn 65 around 2050 will receive roughly $1 million in total benefits, according to authors C. Eugene Steuerle and Caleb Quakenbush in their report, Social Security and Medicare Lifetime Benefits and Taxes.  The average-income couple for boomers will receive about $1 million, and for a millennial couple, $2 million. The underlying data was taken from the 2018 Social Security and Medicare trustees’ reports.”

LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):

Great news. Thank goodness the U.S. government is rolling in money to pay such windfall benefits. No wonder people vote for politicians who keep the loot coming.